Saturday 30 Sep 2023
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KUALA LUMPUR (Oct 22): The FBM KLCI erased its earlier gains and retreated at mid-morning today, weighed by select blue chips led by Telekom Malaysia Bhd.

At 10.05am, the FBM KLCI shed 1.81 points to 1,569.12. The index had earlier risen to a high of 1,572.09.

Gainers led losers by 278 to 225, while 319 counters traded unchanged. Volume was 657.01 million shares valued at RM301.86 million.

The losers included Nestle (M) Bhd, Heineken Malaysia Bhd, British American Tobacco (M) Bhd, Telekom Malaysia Bhd, Hong Leong Bank Bhd, Malaysian Pacific Industries Bhd and IGB Bhd.

The actives included Green Packet Bhd, Bumi Armada Bhd, Key Asic Bhd, JCY International Bhd, UCrest Bhd, MTAG Group Bhd and Lay Hong Bhd.

The gainers included Carlsberg Brewery Malaysia Bhd, KESM Industries Bhd, UMW Holdings Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Pintaras Jaya Bhd, Magnum Bhd, Kuala Lumpur Kepong Bhd and Guan Chong Bhd.

Asian share markets edged ahead on Tuesday amid cheery chatter about the chance of a Sino-US trade deal, while investors were sanguine yet another vote on Brexit would still avert a hard exit, according to Reuters.

A holiday in Tokyo kept turnover light, and MSCI's broadest index of Asia-Pacific shares outside Japan added a slight 0.13%, it said.

Kenanga IB Research said Asian stocks ended higher yesterday due to hopes for progress in the US-China trade war and Brexit.

It said back home, the local bourse lost 0.22 points (-0.01%) to close at 1,570.93.

"Chart-wise, the underlying trend remains bearish as the index is trading below all the key SMAs (simple moving averages).

"However we believe the index is currently undergoing a rebound rally.

"Support levels can be identified at 1,550 (S1) and 1,510 (S2), while overhead resistance levels can be found at 1,630 (R1) and 1,650 (R2)," it said.

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