Friday 29 Mar 2024
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KUALA LUMPUR (April 25): The FBM KLCI got off to sluggish start this morning in line with the fall at most regional markets.

At 9.05am, the FBM KLCI fell 2.34 points to 1,863.00.

The top losers included Fraser & Neave Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Unisem (M) Bhd, BIMB Holdings Bhd, Press Metal Aluminium Holdings Bhd, Hengyuan Refining Company Bhd, Top Glove Corp Bhd, Serba Dinamik Holdings Bhd, Inari Amertron Bhd and Tong Herr Resources Bhd.

Asian shares were under pressure on Wednesday, with a rise in U.S. bond yields above the 3 percent threshold and warnings from bellwether U.S. companies of higher costs driving fears that corporate earnings growth may peak soon, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent while Japan's Nikkei dropped 0.6 percent, it said.

JF Apex Securities Research in a market preview said US markets plunged overnight after disappointing corporate earnings and rising interest rate as government bond yield hit a 4-year high.

It said that earlier, European stocks ended mixed amid quarterly results, lower German business confidence and higher US Treasury yield.

“On the local market, the FBM KLCI plunged 15.02 points to 1865.34 points on foreign selling.

“Following the bearish performance in Wall Street, the FBM KLCI is expected to remain sluggish with support at 1850 points,” it said.

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