Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (May 28): The FBM KLCI’s technical rebound last Friday appeared to be shortlived, as the local index fell 0.63% at midday break today, dragged by select index-linked blue chips.

At 12.30pm, the FBM KLCI fell 11.33 points to 1,786.07. The index had fallen to its intra-morning low of 1,782.11.

Losers led gainers by 353 to 241, while 524 counters traded unchanged. Volume was 1.13 billion shares, valued at RM845.83 million.

Top losers included Petronas Dagangan  Bhd, IHH Healthcare Bhd, Allianz Malaysia Bhd, Sime Darby Bhd, Time Dotcom Bhd, Tenaga Nasional Bhd, Petronas Gas Bhd and Lii Hen Industries Bhd.

The actives included Sapura Energy Bhd, My E.G. Services Bhd, NetX Holdings Bhd, Borneo Oil Bhd, Hibiscus Petroleum Bhd, YTL Power Intl Bhd and Sime Darby Bhd.

The gainers included Nestle (M) Bhd, Aeon Credit Service (M) Bhd, Fraser & Neave Holdings Bhd, Genting Bhd, Far East Holdings Bhd, MBM Resources Bhd, Ideal Jacobs (M) Corp Bhd, Padini Holdings Bhd and Muda Holdings Bhd.

U.S. oil futures hit six-week lows on expectations major producers may ease output curbs on Monday, while Asian stocks and U.S. share futures gained on signs the United States and North Korea were still working towards holding a summit, according to Reuters.

The euro bounced back from a 6-1/2-month low, after the Italian president rejected a eurosceptic as a key economy minister, but his move was seen as triggering a possible constitutional crisis and opening the prospect of fresh elections, keeping the single currency fragile, Reuters added.

Affin Hwang Capital Research said major markets’ anticipated direction this week: Upward. Recent pullbacks in major markets unfold a bullish pattern, a “falling wedge”, which may signals preferable outlook for this week;

“Oil prices declined with WTI leading the fall of 4% during last trading session. OPEC and Russia said they might boost production [during] the latter half of the year. Short-term trend is down for now, but medium-term remains upward;

“The FBM KLCI stage a technical rebound last Friday, gaining about 22 points.

“However, this might be short-lived, as market sentiment is still bearish, added with current earnings season which presently show mixed results. As such, it is anticipated that this week, the FBM KLCI is likely to open low, before consolidating sideways toward end of the week,” the research firm said.

      Print
      Text Size
      Share