Friday 02 Jun 2023
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KUALA LUMPUR (Nov 14): The FBM KLCI pared some of its loss at mid-morning today, but it was not enough to breach the 1,600-point level.

At 10am, the FBM KLCI was down 0.66 points to 1,596.56. The index had earlier slipped to a low of 1,594.16.

Gainers led losers by 226 to 211, while 298 counters traded unchanged. Volume was 486.14 million shares valued at RM226.66 million.

The top losers included Malaysian Pacific Industries Bhd, Petronas Dagangan Bhd, British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Petronas Chemicals Group Bhd, Hap Seng Consolidated Bhd, Choo Bee Metal Industries Bhd and Westports Holdings Bhd.

The actives included NetX Holdings Bhd, Tanco Holdings Bhd, Sapura Energy Bhd, Malayan Flour Mills Bhd, DGB Asia Bhd, Green Packet Bhd, Perdana Petroleum Bhd, IFCA MSC Bhd and JAKS Resources Bhd.

The gainers included Bintulu Port Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, KKB Engineering Bhd, JAKS, Genting Bhd, Batu Kawan Bhd, Press Metal Aluminium Holdings Bhd and SAM Engineering & Equipment (M) Bhd.

Reuters said Asian stocks clung to tight ranges on Thursday as investors awaited key Chinese data for clues on how much the 16-month trade war between Beijing and Washington has hit growth in the world's second-largest economy.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.01%. Australian shares were up 0.12%, while Japan's Nikkei stock index fell 0.02%, it said.

Hong Leong IB Research said despite the Dow marking another fresh record high yesterday, the upside could be limited as investors will continue to monitor the US and China progress as it is hitting some roadblock amid some disagreements on several core issues requested by the US, which may potentially delay the signing of the phase one mini deal.

"Also, the overbought situation on the Dow is likely to suggest that the upside could be capped near the resistance along 28,000," it said.

It said on the local front, although some bargain-hunting interest may emerge today after a sharp decline yesterday on the KLCI, the upside will be limited as investors could deploy a cautious tone moving into the full blown reporting season in the near term.

"Also, without a clear picture on the trade deal between the US and China, market participants may remain [on the] sidelines for now. The KLCI's trading range will be set along 1,580-1,620," it said.

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