Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 31): The FBM KLCI reversed its earlier losses and clawed in positive territory at mid-morning today, lifted by select blue chips.

At 10am, the FBM KLCI rose 2.71 points to 1,695.85.

The gainers included British American Tobacco (M) Bhd, Petronas Gas Bhd, Kuala Lumpur Kepong Bhd, Lay Hong Bhd, Cycle & Carriage Bintang Bhd, Kim Loong Resources Bhd, Top Glove Corporation Bhd, Tenaga Nasional Bhd and Petronas Dagangan Bhd.

The actively traded stocks included Talam Transform Bhd, Kim Teck Cheong Consolidated Bhd, Konsortium Transnasional Bhd, APFT Bhd, Hubline Bhd, IFCA MSC Bhd and Xinghe Holdings Bhd.

The declines included MISC Bhd, SCGM Bhd, Fraser & Neave Holdings Bhd, Shangri-La Hotels (Malaysia) Bhd, Apex Healthcare Bhd, BP Plastics Holdings Bhd and PPB Group Bhd.

Asian share markets were ending the year on a subdued note on Thursday as a renewed slide in oil prices sapped sentiment, a baleful trend that shows every sign of lingering into 2016, according to Reuters.

The relentless decline in oil hit currencies of commodity-rich countries including the Russian rouble, Canadian dollar, Norwegian crown, Brazilian real and Mexican peso, it said.

Hong Leong IB Research said the FBM KLCI met its envisaged 1697-1700 upside targets yesterday. 

It said that in fact, the index rallied as high as 1706 (up 84 points or 5.2% in five trading days) but strong profit taking activities capped the gains to only 7.8 points at 5pm.

“On th​e back of overnight drop in Dow and resumption of downtrend in oil prices coupled with mildly negative technical readings, we expect the FBM KLCI to rem​​​ain cautious and trade sideways today within immediate support of 1674 (23.6% FR) and resistance of 1700,” it said.

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