KLCI dips 0.34% on mild profit taking

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KUALA LUMPUR (April 13): The FBM KLCI dipped 0.34% in early trade this morning on some mild profit taking, despite the uptrend at most regional markets.

At 9.05am, the FBM KLCI fell 6.31 points to 1,867.31.

The early decliners included Hong Leong Bank Bhd, Genting Bhd, Hartalega Holdings Bhd, Axiata Group Bhd, Petronas Chemicals Group Bhd, Tong Herr Resources Bhd and Guan Chong Bhd.

Global stocks recovered to three-week highs on Friday as anticipated strong earnings season took centre stage after U.S. President Donald Trump backtracked on his suggestion of an imminent missile attack on Syria, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1 percent while Japan's Nikkei gained 0.8 percent, it said.

JF Apex Securities Research in a market preview said US markets staged a rebound rally led by financial counters after President Trump clarified that the US will not be attacking Syria.

It said that similarly, European stocks advanced on Trump's clarification as investors welcome the earnings season.

“On the local market, the FBM KLCI rose 3.73 points to 1873.62 points after a last minute surge.

“Following the bullish performance in the US and Europe, the FBM KLCI is expected to be positive today and retest the resistance of 1880 points,” it said.