Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 8): The FBM KLCI fell early on Monday, tracking the losses at key regional markets, dragged by index-linked blue chips.

At 9.05am, the FBM KLCI lost 5.95 points to 1,771.20.

The losers included Gamuda Bhd, Hartalega Holdings Bhd, Press Metail Aluminium Holdings Bhd, MMC Corp Bhd, Petronas Chemicals Group Bhd, KESM Industries Bhd, Muhibbah Engineering (M) Bhd and Maxis Bhd.

Shares in Asia stumbled in early trade on Monday as investors waited with bated breath as China's markets prepare to reopen following a week-long holiday and after its central bank cut banks' reserve requirements in a bid to support growth, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 percent, after major stock markets around the world fell for a second straight day on Friday.Hong, it said.

Leong IB Research in a trader’s brief said in wake of escalating US-China trade tensions, spiking US 10-year yield and the start of the US 3Q18 reporting season this week (to gauge the latest earnings outlook after recent rounds of tariffs), and investors are likely to stay alert.

“Hence, we opine the Dow’s upside will be capped along 27,000 psychological level, in view of the overbought situation noticed on the momentum oscillators.

“Given the recent Dow’s consolidation and expectations of renewed selling spree in the China markets today after the Golden Week holidays, KLCI will continue to indulge in near term consolidation amid nagging external headwinds, a meagre KLCI earnings growth and an upcoming “belt-tightening budget 2019” (on 2 Nov),” it said.

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