Monday 17 Jun 2024
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KUALA LUMPUR (Jan 31): The FBM KLCI pared some of its gains but was still up 0.11% at mid-morning Friday, tracking regional markets, lifted by advances including at Public Bank Bhd and Hartalega Holdings Bhd.

At 10am, the FBM KLCI was up 1.79 points to 1,547.38. The index had earlier risen to a high of 1,552.46.

Losers overtook gainers by 327 to 215, while 336 counters traded unchanged. Volume was 677.86 million shares valued at RM363.59 million.

The gainers included Heineken Malaysia Bhd, Tasek Corp Bhd, Hong Leong Bank Bhd, Public Bank, Hartalega, Carlsberg Brewery Malaysia Bhd and Advanced Packaging Technology (M) Bhd.

The actives included Avillion Bhd, Bumi Armada Bhd, KNM Group Bhd, Sapura Energy Bhd, Alam Maritim Resources Bhd, Supermax Corp Bhd, Tiger Synergy Bhd and Impiana Hotels Bhd.

The decliners included KESM Industries Bhd, Petronas Chemicals Group Bhd, Malayan Cement Bhd, G3 Global Bhd, MISC Bhd, Choo Bee Metal Industries Bhd and Scientex Bhd.

Reuters said Asian share markets were fighting to stabilise at the end of a punishing week as investors clutched at hopes China could contain the coronavirus, even as headlines spoke of more cases and more deaths.

Supporting sentiment were surveys showing Chinese manufacturing activity held steady in January while services actually firmed, though this was likely before the virus took full hold, it said.

Hong Leong IB Research said in the short term, the Dow is expected to remain in choppy as investors remained wary of the virus outbreak and its impact on global growth, after the WHO said on Thursday it was declaring the coronavirus outbreak as global emergency that has killed 171 people in China with 8243 infected cases and already spread to at least 22 countries.

“Nevertheless, downside risks are likely to be well-cushioned by the Fed’s positive US economic outlook and accommodative monetary policy coupled with the ongoing positive 4Q19 results.

“Crucial supports are situated at 28000-28400 whilst resistances are at 29000-29400 levels,” it said.

On the KLCI outlook, the research house said that in the absence of positive local leads and ahead of the Feb reporting season, coupled with cautious sentment amid the 2019-nCoV outbreak and its impact on global growth, trading is expected to stay choppy following the recent sell-off.

“Overnight strong Dow rebound may boost KLCI today but we reiterate that only a decisive reclaim of the 1558-1568 gap (Jan 28) will improve sentiment and lift index higher towards 1576-1590 zones,” it said.

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