Saturday 03 Jun 2023
By /
main news image

KUALA LUMPUR (Nov 4): The FBM KLCI pared some of its gains at mid-morning today as it struggled to breach the 1,600-point level, despite firmer regional markets.

At 10am, the FBM KLCI was up 4.87 points to 1,598.21. The index had earlier risen to a high of 1,600.65.

Gainers led losers by 338 to 170, while 304 counters traded unchanged. Volume was 649.46 million shares valued at RM321.89 million.

The gainers included Carlsberg Brewery Malaysia Bhd, PPB Group Bhd, Nestle (M) Bhd, Malaysian Pacific Industries Bhd, Petronas Dagangan Bhd, ViTrox Corp Bhd, Hartalega Holdings Bhd, Ajinomoto (M) Bhd and Hong Leong Industries Bhd.

The actives included Prestariang Bhd, Sumatec Resources Bhd, Sapura Energy Bhd, Hubline Bhd, Uzma Bhd, Bumi Armada Bhd and Malaysian Resources Corp Bhd.

The decliners included Hong Leong Financial Group Bhd, Shangri-La Hotels (M) Bhd, Cycle & Carriage Bintang Bhd, Oriental Holdings Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Asian shares rose to 14-week highs on Monday as growing optimism over US-China trade talks and upbeat US job data boosted global investors' appetite for riskier assets, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2% in early trade, having earlier touched its highest level since July 29, it said.

Hong Leong IB Research said despite the uncertain developments on the trade front as market participants will be waiting for the "phase one" mini deal to be signed over the near term, the recent stronger-than-expected economic data will be able to lift the market sentiment for now, translating to further upside potential on the Dow towards the next resistance of 27,700 (if 27,400 immediate resistance is taken out).

On the local front, it said buying support may spill over, tracking the bullish tone on Wall Street, coupled with the slowdown in easing bias tone on the interest rate outlook by the US Federal Reserve; the technical rebound may persist towards the resistance of 1,620.

"However, should there be any negative surprises from the November reporting month, we expect that profit-taking activities may quickly emerge," it said.

      Text Size