KUALA LUMPUR: The FBM KLCI started with a mild dip as investors cashed in on the strong rebound yesterday, although losses are expected to be limited by fresh optimism arising from strong corporate earnings.
At the start of Thursday trading, the benchmark index was down 0.72 points to 1,587.99 amid mild profit-taking after the previous day’s surge.
Rakuten Trade said in its market review the strong reversal of the local bourse yesterday was a surprise, which could be partly attributed to the regional uptrend.
“We suspect the solid emergence of buyers could also be due to the more positive expectations of the domestic corporate results which are expected to be decent for 2024,” it added.
“In view of this, we expect the index to trend between the 1,590-1,600 range today.”
Hong Leong Bank, which jumped yesterday on positive earnings, slipped 12 sen to RM21.12.
Nestle continued its decline, dropping 58 sen to RM87.90.
PETRONAS Chemicals shed six sen to RM3.74, PETRONAS Dangangan lost 20 sne to RM20.90 while Tenaga Nasional dipped eight sen to RM13.50.
A notable gainers, however, was Press Metal, rising 12 sen to RM5.12.
Of actives, Ingenieur was flat at four sen, Sapura Energy rose 0.5 sen to 3.5 sen and RGB was flat at 40.5 sen.
-TheStar