Saturday 22 Jun 2024
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KUALA LUMPUR (Dec 24): The FBM KLCI fellin early trade on Wednesday, despite the overnight gains at Wall Street and higher opening at most regional markets today as profit taking halted the local index’s advance.

At 9am, the FBM KLCI fell 8.60 points to 1,740.45.

The top losers included Kuala Lumpur Kepong Bhd, Hong Leong Bank Bhd, Petronas Gas Bhd, British Americxan Tobacco (M) Bhd, PPB Group Bhd, Tenaga Nasional Bhd, Malaysia Airports Holdings Bhd, IJM Corporation Bhd and Maxis Bhd.

Regionally, Japanese stocks rallied and the dollar stood tall on Wednesday thanks to surprisingly robust U.S. economic growth, helping investors head into the Christmas holidays in a more relaxed mood after the global markets turbulence of the past two weeks, according to Reuters.

Risk appetite got a helping hand from revised data showing the U.S. economy grew at a 5.0 percent clip in the third quarter, its quickest pace in 11 years and the strongest sign yet that growth has decisively shifted into higher gear, it said.

Hong Leong IB Research in a market preview Wednesday said the FBM KLCI may continue to inch up further towards 1757-1766 upside targets due to stabilising oil prices, record breaking Wall St and year-end window dressing activities by domestic funds.

“However, it could face formidable resistance beyond 1770 levels due to extremely toppish hourly indicators,” it said.

 

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