FBM KLCI little changed in early trade


KUALA LUMPUR: The FBM KLCI barely changed from yesterday's closing at 1,466.88 while Asian shares traded lower in early trade.

At 9.12 am, the FBM KLCI added 0.44 of-a-point to 1,467.41. The index opened marginally higher at 1,467.37.

Overnight, the Dow Jones Industrial Average eked out a gain of 1.58 points, roughly flat, to finish the session at 33,597.92.

The S&P slipped 0.19% to end the session at 3,933.92 while the Nasdaq Composite fell 0.51% to end at 10,958.55.

TA Securities said trading is expected to stay choppy following the recent sell-off, with concerns over rising U.S. interest rates and domestic reform policies to keep investors on edge.

“Immediate index supports stay at 1,460 and 1,450, with better supports from 1,420 and 1,400.

“Immediate resistance will be at the 1,500 psychological level, with 1,512, and the August high near 1,528 as stronger resistance levels, followed by 1,550 and 1,570 as tougher upside hurdles,” it said.

Malacca Securities said while investors may cheer for China’s easing of Covid-19 restrictions, gains might be capped as worries over the US Federal Reserve's long rate-hike cycle could dampen the economic growth going forward.

“On the local front, we believe focus will be on the re-tabling of Budget 2023 and traders will be watching the developments on the tackling of high living costs by the government,” it said.

Commodities wise, Brent crude oil extended its decline, trading below US$80, while the CPO price hovered above RM4,050.

KNM Group, which has defaulted on three credit facilities totalling RM417.6mil on Dec 1, is the most heavily traded counter with 40.22 million shared done. The counter is flat at five sen.

Comintel Corp surged 22.5 sen, or 32.61% to 91.5 sen. Caely advanced 19 sen to 49 sen, Hong Leong Bank rose 14 sen to RM20.48 and Computer Forms gained 10 sen to RM2.30.

Among the losers, Heineken fell eight sen to RM25.50, D & O Green Technologies eased eight sen to RM4.22, Kuala Lumpur Kepong shed six sen to RM21 and Lion Industries lost 5.5 sen to 35.5 sen.

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FBM KLCI , KLCI , Bursa Malaysia

   

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