Friday 29 Mar 2024
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KUALA LUMPUR (Aug 11): Trading at Bursa Malaysia was choppy this morning with the FBM KLCI struggling to break into positive territory on mild bargain hunting.

However at 10am, the FBM KLCI was down 0.11 points to 1,654.25.

The top decliners included Genting Plantations Bhd, Hong Leong Bank Bhd, Kuala Lumpur Kepong Bhd, Malayan Banking Bhd, Batu Kawan Bhd, Petronas Dagangan Bhd, IJM Plantations Bhd and MBM Resources Bhd.

The actives included The Media Shoppe Bhd, IFCA MSC Bhd, Vsolar Group Bhd, KNM Group Bhd, Globaltec Technology Bhd, Sumatec Resources Bhd, Frontken Corporation Bhd and AirAsia Bhd.

The gainers included Top Glove Corporation Bhd, Public Bank Bhd, MISC Bhd, VS Industry Bhd, Hong Leong Financial Group Bhd, Evergreen Fibreboard Board, Enra Group Bhd and Yinson Holdings Bhd.

Asian stocks swung higher on Tuesday as a periodic revival in investor risk appetite led to a bounce in beaten-down commodities and a small step back for the US dollar, according to Reuters.

Shares in Google jumped over 5%, adding $25 billion to its market value, after announcing a new holding company called Alphabet which will separate the core web advertising business from newer ventures, it said.

Hong Leong IB Research said taking cues from a strong rebound from Dow overnight as well as oil prices, the FBM KLCI may witness a technical rebound after tumbling 71.2 points in three days.

“However, any rebound may face key resistances near 1,685–1,700 amid lack of fresh impetus and lingering local issues.

“Key supports are 1,600–1,630,” it said.

 

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