KLCI starts September on muted note

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KUALA LUMPUR (Sept 3): The FBM KLCI got off to a muted start in September against the backdrop of mixed regional markets, weighed by key index-linked blue chips.

At 9.05am, the FBM KLCI shed 0.14 points to 1,819.52.

The decliners included Hong Leong Financial Group Bhd, Nestle (M) Bhd, Petronas Gas Bhd, Hengyuan Refining Company Bhd, Coastal Contracts Bhd, Kuala Lumpur Kepong Bhd, Lafarge Malaysia Bhd, Axiata Group Bhd and Telekom Malaysia Bhd.

Asian stocks opened the week mixed, and the dollar built on its recent rally. The pound retreated as U.K. Prime Minister Theresa May ruled out a second Brexit vote, according to Bloomberg.

Stocks slipped in Japan and South Korea at the open, while Australian shares edged higher. The S&P 500 closed flat Friday as gains in consumer shares offset losses in energy stocks, while Treasuries posted a modest decline. U.S. markets are closed for Labor Day on Monday, it said.

JF Apex Securities Research in a market preview said US markets declined on Friday after the US and Canada failed to resolve their trade dispute.

It said that similarly, European stock plunged on renewed concerns of global trade war.

“On the local market, the FBM KLCI shed 0.98 points to 1819.66 points.

“Following the bearish performance in the US and Europe, the FBM KLCI could decline towards the support of 1800 points,” it said.