Saturday 23 Sep 2023
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KUALA LUMPUR (July 12): The FBM KLCI fell at mid-morning on some mild profit taking, despite the firmer regional markets.
At 10.07am, the FBM KLCI lost 4.82 points to 1,649.05.

The top losers included Boustead Holdings Bhd, Carlsberg Brewery (M) Holdings Bhd, UMW Holdings Bhd, Maxis Bhd, Hong Leong Bank Bhd, Genting Bhd and Heineken Malaysia Bhd.

The actives included Borneo Oil Bhd, JAG Bhd, Sanichi Technology Bhd, Nexgram Holdings Bhd, AirAsia Bhd, Vivocom International Holdings Bhd, Iris Corporation Bhd, AirAsia X Bhd and Berjaya Corporation Bhd.

The gainers included Danainfra Nasional Bhd, British American Tobacco (M) Bhd, Panasonic Malaysia Manufacturing Bhd, Hongf Leong Financial Group Bhd, Enra Group Bhd, Cahya Mata Sarawak Bhd and Public Bank Bhd.

Asian stocks held firm around a 2-1/2-month peak on Tuesday, a day after U.S. shares hit a record high thanks to a combination of upbeat U.S. data and expectations of more stimulus around the world, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose slightly to hit its highest level since late April in early trade. Japan's Nikkei jumped 2.4 percent, it said.

Hong Leong IB Research said taking cue from another positive Dow’s performance overnight and strong Ringgit momentum (strengthened below RM4.00 psychological barrier to RM3.99/$) coupled with expectations of more mega projects roll-outs by Government, in the near term to stimulate local economy, the FBM KLCI is expected to trend higher towards immediate resistances at 1657-1665.

“However, we still expect global markets to remain volatile for a while as profit taking may emerge after recent sharp relief rallies as investors grapple with Brexit domino impact, anemic global economic growth, rising terrorism risks and the prospects of potential EU shake-up,” it said.

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