Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 21): The FBM KLCI struggled to maintain its 1,700-point level at mid-morning today as it edged lower on profit taking.

At 10am, the FBM KLCI was down 3.19 points to 1,701.84.

The top losers included British American Tobacco (M) Bhd, Hong Leong Financial Group Bhd, Petronas Dagangan Bhd, Sime Darby Bhd, UMW Holdings Bhd, Hong Leong Bank Bhd, Malaysia Airports Holdings Bhd, IJM Plantations Bhd and Sarawak Oil Palms Bhd.

The actively traded stocks included MQ Technology Bhd, The Media Shoppe Bhd, UEM Sunrise Bhd, AirAsia Bhd, XOX Bhd, Frontken Corporation Bhd and Borneo Oil Bhd.

The gainers included Top Glove Corporation Bhd, Kuala Lumpur Kepong Bhd, Kossan Rubber Industries Bhd, SHH Resources Holdings Bhd, Success Transformer Corporation Bhd, Nestle (M) Bhd, Coastal Contracts Bhd and Can-One Bhd.

Asian shares eked out cautious gains on Wednesday as concerns about corporate earnings hobbled Wall Street while investors counted down to the European Central Bank's policy meeting later in the week, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was a fraction firmer. Japan's Nikkei added 0.8%, while South Korea's KOSPI rose 0.6%, it said.

Hong Leong IB Research said all eyes will focus on the tabling of Malaysia Budget 2016 on Oct 23 on the back of challenging domestic and international headwinds.

“We reiterate that the FBM KLCI is ripe for further profit-taking consolidation after it rebounded 202 points or 13.4% from a low of 1,503 on Aug 24 to 1,705 on Oct 20, as the daily technical oscillators pattern are deteriorating and recent weaknesses in US dollar–ringgit and crude oil prices.

“Key upside hurdles are 1,729–1,740 while supports fall on 1,687–1,700,” it said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

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