Friday 29 Mar 2024
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KUALA LUMPUR (Feb 13): The FBM KLCI snapped its losing streak in early trade Friday, in line with the gains at most global markets following the ceasefire accord in Ukraine.
At 9am, the FBM KLCI added 2.61 points to 1,791.68.

The top gainers included Latitude Tree Holdings Bhd, Petronas Dagangan Bhd, MISC Bhd, PPB Group Bhd, VS Industry Bhd, Public Bank Bhd, Sime Darby Bhd, Malaysia Airports Holdings Bhd, Coastal Contracts Bhd and Axiata Group Bhd.

Asian shares gained on Friday on news of a ceasefire accord in Ukraine, while Sweden's surprise move to cut its main rate into negative territory and hopes of a resolution between debt-strapped Greece and its creditors burnished risk appetite, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.8 percent. Japan's Nikkei slipped 0.2 percent but the broader Topix tacked on 0.1 percent, it said.

BIMB Securities Research in a market preview Friday said that regionally, key benchmarks ended mixed on Thursday with Japan stocks rallied to their highest settlement in more than seven years on weaker yen.

Locally, it said the FBM KLCI ended lower, losing 9.88 points or 0.55% to settle at 1,789.07, dragged down by tobacco and plantation counters.

The research house said trading participation saw net selling by foreign institutions while local institutions and retail were net buyers.

“We reckon the volatility shall remain in the local market with slight uptrend bias following the cease-fire between Russia and Ukraine; and some recovery in crude oil price which will improve investors’ sentiment. Expect to see immediate resistance at 1,795/1,800

 

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