Thursday 28 Mar 2024
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KUALA LUMPUR (July 20); The FBM KLCI pared some of its gains at mid-morning today, as lack of fresh catalaysts capped gains at the local market.

At 10am, the FBM KLCI was up 2.40 points to 1,729.13. The inde had earlier risen to a high of 1,735.75.

The top gainers included United Plantations Bhd, KESM Industries Bhd, Signature International Bhd, Lii Hen Industries Bhd, Top Glove Corporation Bhd, Ibraco Bhd, Nestle (M) Bhd and Evergreen Fibreboard Bhd.

The top gainers included Frontken Corporation Bhd, Vsolar Group Bhd, JAKS Resources Bhd, Scan Associates Bhd, Perwaja Holdings Bhd and AirAsia Bhd.

The top losers included British American Tobacco (M) Bhd. IJM Corporation Bhd, Kossan Rubber Industries Bhd, Guiness Anchor Bhd and Genting Bhd.

The U.S dollar held broad gains in Asia on Monday as investors looked ahead to higher interest rates from the Federal Reserve, while gold hit five-year lows as a lack of global inflation left little to hedge against, according to Reuters.

Activity was light with Japan on holiday and a dearth of major data in the diary, leading to a cautious start for stocks, it said.

Hong Leong IB Research said that technically, the ‘Double-Bottom’ formation and a breakout above downtrend line support a near-term reversal signal.

“A swift recapture of the 1746 (61.8% FR) level is vital for the index to reassure its uptrend trajectory towards 1769 (50% FR).

“However, lack of fresh catalysts coupled with internal and external headwinds will cap further upside,” it said.

 

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