Friday 29 Mar 2024
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KUALA LUMPUR (June 27): The FBM KLCI opened lower before rising as Malaysian shares took cue from overnight US stock gains amid higher crude oil prices.

Reuters reported that US stocks found their footing on Tuesday, helped by gains in the energy, technology and consumer discretionary sectors after a sharp sell-off a day earlier on spiraling global trade tensions. Energy stocks added the most gains among the S&P 500's 11 major sectors, climbing 1.4 percent as Washington pushed allies to halt imports of Iranian crude, which lifted oil prices more than 2 percent.

At Bursa Malaysia today, the KLCI opened 1.62 points or 0.1% lower at 1,674.24 at 9am. At 9:07am, the KLCI erased losses for a 4.87-point rise at 1,680.73

"While (Malaysia) blue chips may attempt to hold on to current levels after recent heavy losses, persistent foreign selling pressure sparked by rising US rates and escalating trade war concerns should dampen market tone in the near-term," TA Securities Holdings Bhd wrote in a note today.

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