Thursday 28 Mar 2024
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KUALA LUMPUR (March 20): The FBM KLCI got off to a slow start this morning, in line with the fall at most regional markets on the back of the overnight slump of technology stocks in the U.S.

At 9.05am, the FBM KLCI fell 1.99 points to 1,845.95.

The early decliners included Carlsberg Brewery Malaysia Bhd, Poh Huat Resources Bhd, Top Glove Corp Bhd, Nestle (M) Bhd, Lotte Chemical Titan Holding Bhd, Genting Bhd, Pos Malaysia Bhd, Axiata Group Bhd, Telekom Malaysia Bhd and Scientex Bhd.

Asian shares fell on Tuesday as investors dumped high-flying U.S. technology shares on fears of stiffer regulation as Facebook came under fire following reports it allowed improper access to user data, according to Reuters.

The retreat came as investors braced for new Federal Reserve Chairman Jerome Powell's first policy meeting starting later in the day and amid concerns that U.S. President Donald Trump could impose additional protectionist trade measures, it said.

JF Apex Securities Research in a market preview said US markets plunged overnight as Facebook led the decline in technology counters as the Federal Reserve is expected to raise interest rates on Wednesday.

It said similarly, European stocks declined, led by basic resources counters due to concerns of trade war.

“On the local market, the FBM KLCI added 1.55 points to 1847.94 points.

“Following the bearish performance in the US and Europe, the FBM KLCI is expected to be negative today and trend lower towards the support of 1840 points,” it said.

 
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