KLCI rises 0.35% as select blue chips lift
KUALA LUMPUR (Jan 24): The FBM KLCI advanced 0.35% at mid-morning today, lifted by select blue chips.
At 9.58am, the FBM KLCI rose 5.83 points to 1,677.14.
The top losers included British American Tobacco (M) Bhd, Axiata Group Bhd, Pharmaniaga Holdings Bhd, Hong Leong Financial Group Bhd, Amtel Bhd, RHB Bank Bhd, PPB Group Bhd, IOI Corporation Bhd, MMC Corp Bhd and Genting Malaysia Bhd.
The actives included SKH Consortium Bhd, UMW Oil & Gas Corp Bhd, Hibiscus Petroleum Bhd, Sumatec Resources Bhd, JA Bhd and AirAsia Bhd.
The decliners included Dutch Lady Milk Industries Bhd, The Store Corp Bhd, Aeon Credit Service (M) Bhd, Heineken Malaysia Bhd, Petronas Gas Bhd, UMW Holdings Bhd and Tenaga Nasional Bhd.
The dollar was under pressure in Asia on Tuesday as U.S. President Donald Trump's focus on trade protectionism fuelled suspicions his administration might seek a competitive advantage through a weaker currency, according to Reuters.
The talk of trade wars favoured safe-haven Treasuries and the Japanese yen while leaving equities mixed, it said.
Hong Leng IB Research said that for the US market, investors may re-assess the post-election rally, taking into account the plan of imposing a "major border tax", coupled with cutting taxes and regaining manufacturing jobs in the U.S. by president Trump.
It said the Dow’s upside could be capped along the 20,000 level.
“If the key index falls below the 19,700 level, next support will be anchored around 19,300-19,400.
“Share prices on the FBM KLCI may trend higher, potentially forming the pre-CNY rally amid increasing buying interest within the index heavyweights.
“However, retailers may remain cautious and lock in near term gains among the small cap and lower liners,” it said.
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