Thursday 28 Mar 2024
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KUALA LUMPUR (June 29): The FBM KLCI edged up in early trade this morning, lifted by select blue chips.

At 9.05am, the FBM KLCI edged up 1.26 points to 1,772.49.

The early gainers included Magni-Tech Industries Bhd, British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Petron Malaysia Refining & Marketing Bhd, Hengyuan Refining Company Bhd, Genting Bhd, Turbp-Mech Bhd and Mudajaya Group Bhd.

The dollar languished at its lows for the year on Thursday as a drumbeat of hawkish comments from major central banks signalled the era of easy money might be coming to an end for more than just the United States, according to Reuters.

Support for the dollar eroded as investors realised the U.S. Federal Reserve might not be the only game in town when it came to higher interest rates, it said.

JF Apex Securities Research in a market preview today said US markets rallied overnight led by financial counters after news reports suggested investors misjudged European Central Bank president Mario Draghi's comments yesterday.

It said that earlier, European stocks ended slightly lower after oil price declined.

“On the local market, the FBM KLCI lost 8.22 points to 1771.23 points.

“Following the bullish performance in the US, the FBM KLCI could stage a rebound with support at 1770 points marked by the 50-day moving average,” it said.

 

 

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