market open KUALA LUMPUR: Chip makers and tech-related stocks continued to see firm buying interest on Thursday while glove stocks lost ground amid a firmer market. At 9.23am, the FBM KLCI was up 1.81 points or 0.11% to 1,584.80. Turnover was 870.04 million shares valued at RM412.85mil. There were 379 gainers, 217 losers and 349 counters unchanged. Reuters reported Asian stocks came under pressure on Thursday as a mixed Wall Street session gave investors few immediate reasons to increase their risk positions following the recent social media-driven trading chaos. Markets have calmed significantly in the past few days with the Cboe Volatility index down on Wednesday as wild swings in stock prices of GameStop and other social media favorites subsided and the retail trading frenzy faded, it said. Overnight on Wall Street, the Dow Jones Industrial Average rose 36.12 points, or 0.12%, to 30,723.6, the S&P 500 gained 3.86 points, or 0.10%, to 3,830.17 but the Nasdaq Composite dropped 2.23 points, or 0.02%, to 13,610.54. As for Bursa on Wednesday, local retail investors remained net buyers at RM49.5mil but local funds were net sellers at RM44.6mil and foreign funds RM4.9mil. Rakuten Trade believes market volatility will continue as investors are now on a short term mode, as Wednesday’s wild swing seen for the KLCI further suggest investors sentiments remained rather fragile. “Nonetheless, we reckon the index to maintain its uptrend to around the 1,585/90 range with strong resistance at 1,600. “We expect buying interests in oil & gas stocks to continue as the Brent crude price inches towards the US$60 a barrel as it gained 1.8% to US$58.50 yesterday, ” Rakuten Trade said. MPI rose RM1.30 to RM37.24 while KESM added 18 sen to RM16.96. Genetec gained 36 sen to RM3.28, UWC 34 sen to RM13.36 and Vitrox 28 sen to RM17.68. See Hup surged 48 sen to RM2.10, Kobay 35 sen to RM5.24, LPI 22 sen to RM13.68 and MFCB 18 sen to RM7.69. Supermax fell 12 sen to RM6.66, Top Glove 11 sen to RM6.71 and Kossan seven sen to RM4.25. Nestle fell the most, down 60 sen to RM137.20 with 100 shares done, Heineken lost 24 sen to RM22.74 while BAT give up 10 sen to RM13.10. As for plantations, KL Kepong fell 22 sen to RM23.54 with 100 shares traded, Rivervierview 18 sen to RM2.94 and Sarawak Oil Palm eight sen to RM4.12.
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