KLCI gets off to flat start as select blue chips weigh

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KUALA LUMPUR (April 30): The FBM KLCI got off to a flat start this morning as select index-linked blue chips weighed.

At 9.05am, the FBM KLCI was down 0.60 points to 1,862.87.

The early decliners included Kuala Lumpur Kepong Bhd, Malaysia Airports Holdings Bhd, Axiata Group Bhd, Ta Ann Holdings Bhd, UMW Holdings Bhd, Xin Hwa Holdings Bhd, Guan Chong Bhd, Tenaga Nasional Bhd and DRB-Hicom Bhd.

Asian shares rose again on Monday as tensions in the Korean Peninsula eased and first-quarter earnings shone, although some investors pondered whether this sunny outlook could dim in the near future, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.1 percent following a jump of more than 1 percent on Friday. The index is poised to end the month rather flat after two consecutive losses, it said.

JF Apex Securities Research in a market preview said US markets ended flat on Friday despite higher-than-expected quarterly results and 2Q GDP.

It said that earlier, European stocks climbed following strong corporate earnings.

“On the local market, the FBM KLCI jumped 11.20 points to 1863.47 points.

“Following the mixed performance in the US and Europe, the FBM KLCI is expected to hover sideways and consolidate below the resistance of 1880 points,” it said.