KLCI rises marginally as trading stays range bound

TheEdge Thu, Jun 29, 2017 10:36am - 6 years View Original


KUALA LUMPUR (June 29): The FBM KLCI was trading range bound at mid-morning and rose marginally, lifted by select blue chips.

At 9.59am, the FBM KLCI rose 3.76 points to 1,774.99.

The top gainers included Magni-Tech Industries Bhd, British American Tobacco (M) Bhd, Genting Bhd, Sunsuria Bhd, Nestle (M) Bhd, ViTrox Corp Bhd, Mega First Corp Bhd, Luxchem Corp Bhd and Turbo-Mech Bhd.

The actives included Key Alliance Group Bhd, Pasukhas Group Bhd, Anzo Holdings Bhd, Sapura Energy Bhd, Nexgram Holdings Bhd, TechnoDex Bhd and Comfort Gloves Bhd.

The losers included Fraser & Neave Holdings Bhd, NPC Resources Bhd, Hong Leong Bank Bhd, Malaysia Airports Holdings Bhd, HCK Capital Group Bhd and S P Setia Bhd.

The US dollar languished at its lows for the year on Thursday as a drumbeat of hawkish comments from major central banks signalled the era of easy money might be coming to an end for more than just the US, according to Reuters.

Support for the US dollar eroded as investors realised the US Federal Reserve might not be the only game in town when it came to higher interest rates, it said.

Hong Leong IB Research in a traders' brief said that while bargain-hunting activities emerged following the violation trendline on the Dow, it expects the rebound may be short lived.

"Should there be a further delay in Trump's policies, traders may deploy sell-into-strength strategy.

"Meanwhile, shares on the local front could be due for a technical rebound, tracking the strong performance on the overnight Wall Street, in tandem with the 2Q window dressing activities," it said.

 

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