Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Nov 4):The FBM KLCI remained in the negative zone at mid-morning on the back of the regional weakness and sustained mild profit taking.

At 10.02am, the FBM KLCI fell 4.20 points to 1,849.14.

The top decliners at mid-morning included Bat, Nestle, PPB, Lafarge Malaysia, Timecom, Bursa Malaysia, Hong Leong Bank, Litrak, Genting Malaysia and CIMB.

Efficient was the most actively traded counter with 25.81 million shares done. The stock jumped 5.71% or two sen to 37 sen.

The other actives included Sumatec, IFCA MSC, Ni Hsin, Tiger Synergy, Perdana, Sona Petroleum and Nexgram.

The gainers included United Plantations, Hong Leong Industries, HCK, Dutch Lady, Tasek, Tenaga, Luxchem, SCGM, IGB and Ajinomoto.

Regionally, Asian stocks dipped in early trade on Tuesday with disappointing Chinese data and a Wall Street slip dampening the mood, although Japan bucked the trend and rose sharply on follow-through momentum generated the Bank of Japan's surprise monetary easing last week, according to Reuters.

The dollar was firmly on the front foot, hovering at multi-year highs against the yen and euro, after the BOJ's easing on Friday added pressure on the European Central Bank to follow suit, it said.

Hong Leong IB Research said it was retaining its view that teh FBM KLCI would experience a brief profit taking consolidations after two weeks of strong rebound from 1,766 (6 Oct low), given the overbought technical landscape, ahead of the Bank Negara policy meeting on 6 Nov and the ongoing Nov reporting season.

“Externally, investors are closely monitoring the U.S. mid term election outcome, U.S. jobs data and the the monetary policy decisions of BOE and the ECB.

“Key resistances are 1860-1870 zones while supports fall on 1840-1846 levels,” it said.

      Print
      Text Size
      Share