Friday 29 Mar 2024
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KUALA LUMPUR (Oct 1): The FBM KLCI got off to a subdued start on the first trading day of the fourt quarter of 2018, tracking regional markets.

At 9.10am, the FBM KLCI was up 2.24 points to 1,795.39.

The gainers included United Plantations Bhd, Petronas Gas Bhd, Petronas Dagangan Bhd, Nestle (M) Bhd, IHH Healthcare Bhd, UEM Edgenta Bhd, UMW Holdings Bhd, QL Resources Bhd and Petronas Chemicals Group Bhd.

The Canadian dollar and the Mexican peso rose on Monday on hopes of progress in negotiations over a renewed North American Free Trade Agreement (NAFTA) deal, but Asian shares got off to a slow start amid further signs of weakness in China, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent in early trade, led by fall in Australia, though activity is likely to be slow due to holidays in China including Hong Kong, it said.

Hong Leong IB Research in a traders’ brief said for the US, investors are likely to maintain cautious amid the uncertain trade developments, as President Trump’s stern actions towards its trading partners are still causing uneasiness amongst investors.

“Hence, we see the Dow’s upside to be capped over the near term.

“As September performance has ended on a lacklustre mood, we believe market participants are still searching for re-rating catalyst for Malaysia, focusing on the next corporate earnings season and Budget 2019 that will be held in November.

“Hence, for the near term, trading themes such as export oriented and O&G will be under traders’ radar,” it said.

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