Friday 29 Mar 2024
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KUALA LUMPUR (Sept 28): The FBM KLCI retreated in early trade this morning against the backdrop of firmer regional markets.

At 9.05am, the FBM KLCI dipped 3.78 points to 1,794.25.

The early decliners included Aeon Credit Service (M) Bhd, Perusahaan Sadur Timah Malaysia Bhd, Stone Master Bhd, Hai-O Entterprise Bhd, Tong Herr Resources Bhd, Axiata Group Bhd, VS Industry Bhd and Pinehil Pacific Bhd.

Shares in Asia inched higher on Friday, following gains on Wall Street overnight after news of robust U.S. economic growth, with the chairman of the Federal Reserve saying the United States does not face a large chance of near-term recession, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.02 percent in early trade in Asia. Australian shares were 0.5 percent higher, while Seoul's Kospi was down 0.5 percent after hitting three-month highs on Thursday, it said.

Hong Leong IB Research in a traders’ brief said in the US, the upward rally remains strong supported by healthy corporate earnings boosted by lower corporate tax and decent economic growth.

“However, should there be any extended trade war between the US and its trading partners; it may crimp the corporate earnings moving forward.

“Although market sentiment remains weak at this moment on the back of the uncertain trade progress, we think the 3Q18 window dressing should be able to cushion the downside risk over the near term.

“Also, we still see opportunities amongst oil and gas stocks with the firmer recovery of crude oil prices,” it said.

 

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