Friday 29 Mar 2024
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KUALA LUMPUR (Dec 11): The FBM KLCI got off to a muted start in early trade today in line with its regional peers, dragged by key index-linked stocks.

At 9.05am, the FBM KLCI shed 1.44 points to 1,560.35.

The early decliners included Panasonic Manufacturing Malaysia Bhd, Kuala Lumpur Kepong Bhd, Petronas Dagangan Bhd, IOI Corp Bhd, Hong Leong Bank Bhd, LPI Capital Bhd, Tenaga Nasional Bhd, Bermaz Auto Bhd and Sime Darby Plantations Bhd.

Reuters reported that Asian stocks flatlined on Wednesday as Sino-U.S. trade talks approached a weekend deadline with little sign of progress, while a tightening of the UK election race knocked the pound.

Investors are beginning to suspect that even if U.S. tariffs due to take effect on Sunday are delayed, it may be 2020 before Washington and Beijing can agree a broader rapprochement, it said.

JF Apex Securities Research said US markets declined overnight following uncertainties on the US-China trade pact ahead of this Sunday's deadline while investors expect the Federal Reserve to hold interest rate.

It said that similarly, European stocks ended negative ahead of UK's general election on Thursday.

“On the local bourse, the FBM KLCI shed 0.92 points to 1561.79 points.

“Following the negative performances in the US and Europe, the FBM KLCI could remain lacklustre with support at 1550 points,” it said.

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