Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Dec 7): The FBM KLCI dipped in ear;y trade, dragged by select blue chips and looked poised to extend its poor run for the fourth day running.

At 9.05am, the FBM KLCI dipped 1.77 points to 1,681.57.

The early decliners included UMW Holdings Bhd, ABM Fujiya Bhd, Westports Holdings Bhd, Public Bank Bhd, Lingkaran Trans Kota Holdings Bhd, Malaysia Airport Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Kumpulan Fima Bhd and Petronas Chemicals Group Bhd.

Asian share markets tried to find their footing on Friday as speculation the Federal Reserve might be "one-and-done" with U.S. rate hikes helped salve some wounds after a punishing week, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.l3 percent, though that followed a 1.8 percent drubbing on Thursday, it said.

Hong Leong IB Research in a traders’ brief said sentiment is likely to stay positive after the strong rebound yesterday with the fresh information from the Fed; this could boost markets higher at least for the near term.

“However, the uncertain and lacking of details on the trade developments between the US and China, coupled with the inversion of yield curve (3-year and 5-year bond yield) will continue to cap the upside potential on Wall Street. Meanwhile, market participants will need to monitor closely on the upcoming FOMC meeting (18-19 Dec) and Powell’s statement.

“On the local front, we may anticipate a positive rebound after the Dow recouped more than 700 points from the intraday low (24,242.22 pts). Also, traders may be focusing on the members (Top Glove, TM, KLCCP and Ambank) of KLCI after the index review statement was released yesterday.

“Besides, O&G sector may still trend sideways as the uncertain OPEC and non-OPEC in production cut still persists, which dampened the Brent oil prices overnight,” it said.

      Print
      Text Size
      Share