Thursday 28 Sep 2023
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KUALA LUMPUR (Nov 7): The FBM KLCI pared some of its gains at the midday break on Friday as sentiment remained cautious, in line with the regional markets.

At 12.30pm. the FBM KLCI was up 1.34 points to 1,833.32. The index had earlier risen to its intra morning high of 1,841.40.

The top gainers included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Petronas Gas Bhd, P.I.E. Industrial Bhd, My E.G. Services Bhd, MISC Bhd, Crescendo Corporation Bhd, Brahims’ Holdings Bhd, IJM Plantations Bhd and Public Bank Bhd.

Dagang Nexchange Bhd was the most actively traded counter with 90.68 million shares done. The stock rose 6.76% or 2.6 sen to 39.5 sen.

The other actives included Efficient E-Solutions Bhd, Systech Bhd , Compugates Holdings Bhd, Malaysian Airline System Bhd, IFCA MSC Bhd and Censof Holdings Bhd.

The decliners include Allianz Malaysia Bhd, Aeon Credit Service (M) Bhd, Kuala Lumpur Kepong Bhd, Lafarge Malaysia Bhd, Petronas Chemicals Group Holdins Bhd, Gamuda Bhd and Cahya Mata Sarawak Bhd.

Regionally, Asian shares edged down on Friday ahead of U.S. employment data later in the session, while the euro wallowed around two-year lows after European Central Bank President Mario Draghi vowed to take more easing steps to spark growth in the euro zone, according to Reuters.

Investors were likely to remain cautious ahead of the key U.S. nonfarm payrolls report. Solid gains in employment would increase speculation that the U.S. Federal Reserve could raise U.S. interest rates in the middle of next year, it said.

BIMB Securities Research said key regional indices ended mixed on Thursday as investors were cautious following softer economic data from China.

It said that locally, the FBM KLCI ended lower, losing 7.1 points or 0.4% to 1,831.98, dragged down by tobacco and power counters.

The research house said trading participation saw net buying from local institutions while foreign institutions and local retail were net sellers.

“With positive sentiment over the US and the western region, we believe the local market to trend higher today but investors are advised to remain cautious given the increasing volatility of the local market.

“Expect to see immediate at resistance at 1,835/40,” it said.


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