KLCI pulls back in line with regional slip

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KUALA LUMPUR (April 20): The FBM KLCI paused in early trade this morning and pulled back in line with the slip at most regional markets.

At 9.05am, the FBM KLCI fell 4.61 points to 1,890.57.

The early losers included United Plantations Bhd, Nestle (M) Bhd, Press Metal Aluminium Holdings Bhd, Malaysia Airports Holdings Bhd, Hong Leong Bank Bhd, Hengyuan Refining Company Bhd, Bursa Malaysia Bhd, Alliance Bank Malaysia Bhd , Malayan Banking Bhd and Tenaga Nasional Bhd.

Asian shares slipped on Friday as a warning on smartphone demand from the world's largest contract chipmaker slugged the tech sector, while lofty oil prices stirred inflation fears and undermined sovereign bonds, according to Reuters.

Apple led the way after Taiwan Semiconductor Manufacturing cut its revenue target to the low end of forecasts and blamed softer demand for smartphones, it said.

JF Apex Securities Research in a market preview said US markets closed lower overnight following declines in technology counters and concern on rising interest rate.

It said European stocks ended mixed amid higher oil prices and quarterly earnings.

“On the local market, the FBM KLCI rallied 15.86 points to 1895.18 points after a last minute spike.

“Following the mixed performance in the US and Europe, the FBM KLCI could see some profit taking and consolidation before extending its uptrend towards 1900 points,” it said.