Friday 29 Mar 2024
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KUALA LUMPUR (Feb 27): The FBM KLCI edged up in early trade on Friday, in line with the slight uptick at most European and US markets.

At 9am, the FBM KLCI added 1.40 points to 1,822.27.

The top gainers included Can-One Bhd, LTKM Bhd, Kulim (M) Bhd, Favelle Favco Bhd, Public Bank Bhd, Tenaga Nasional Bhd, Parkson Group Holdings Bhd, Petronas Dagangan Bhdm Petronas Gas Bhd and Karex Bhd.

Japanese stocks crawled to a fresh 15-year peak on Friday after the dollar surged against the yen as upbeat U.S. data flipped expectations back in favour of an early interest rate hike by the Federal Reserve, according to Reuters.

The rest of Asian equity markets lagged Japan after a sharp pullback in oil prices dulled risk appetite and sent Wall Street lower overnight, it said.

BIMB Securirities Research in a  market preview Friday said U.S. stocks ended mostly lower on Thursday, tipping the DJI Average and Standard & Poor's 500 index slightly below their recent all-time highs.

it said energy stocks fell more than the rest of the market as the price of oil plunged again. Chevron and Exxon Mobil were among the biggest decliners. The DJI Average fell 10.15 points, or 0.1%, to 18,214.42.

In Europe, most markets were higher after better-than-expected Chinese factory activity and dovish comments from U.S. Federal Reserve Chair Janet Yellen.
"Most Asian shares also traded higher as oil prices rebounded and boosted shares of energy firms.

"Locally, the FBM KLCI finished 5.01 points up to 1,820.87 as investors picked up positive leads on selected government-linked blue chips.

"We expect the index to trend between the 1,810/1,820 range over the immediate term," it said.

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