Thursday 28 Mar 2024
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KUALA LUMPUR (May 27): The FBM KLCI struggled at mid-morning today to sustain its meagre gains, despite the uptrend at most regional markets.

At 10am, the FBM KLCI was up 1.67 points to 1,632.76.

The gainers included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Tasek Corporation Bhd, Tasek Corporation Bhd, AirAsia Bhd, Ajiya Bhd, OldTown Bhd, Oriental Food Industries Bhd, Allianz Malaysia Bhd and UMW Holdings Bhd.

The actives included AirAsia, Compugates Holdings Bhd, Tiger Synergy Bhd, O&C Resources Bhd, Kanger International Bhd, Sunway Construction Group Bhd and Hiap Huat Corporation Bhd.

The top losers included Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, Muda Group Bhd, Versatile Creative Bhd, Latitude Tree Holdings Bhd and Jaya Tiasa Holdings Bhd.

Asian stocks pulled ahead on Friday after patches of U.S. data continued to paint the world's largest economy in a positive light, while the dollar was on the defensive against its major peers, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 percent to a two-week high. The index was on track to gain 2.3 percent this week, it said.

Hong Leong IB Research said the FBM KLCI may test the 1640 resistance level again, given its improving technical oscillators, recent strong rebound in crude oil prices from monthly low of US$43/barrel on 9 May and recovering Ringgit after weakened to a low of RM4.13/US$ on 24 May.

“However, any rebound might be capped near 1640 – 1650 territories as the ongoing results reporting season has, thus far, leaned towards disappointing tone,” it said.

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