Friday 29 Mar 2024
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KUALA LUMPUR (July 2): The FBM KLCI got off to a subdued start for the second half of 2018 as it dipped in early trade following the release of data showing business conditions across Malaysia’s manufacturing sector deteriorating albeit at a slower pace in June.

Released this morning, the headline purchasing managers’ index (PMI) registered below the neutral 50.0 threshold during June, but rose from 47.6 in May to 49.5.

At 9.05am, the FBM KLCI fell 2.77 points to 1,688.73.

The early decliners included Hong Leong Financial Group Bhd, Petronas Dagangan  Bhd, Pavilion REIT, Public Bank Bhd, Malaysian Pacific Industries Bhd, Lafarge Malaysia Bhd, Press Metal Aluminium Holdings Bhd and SP Setia Bhd.

Asian shares were subdued early Monday ahead of a week packed with major economic events, while the euro was briefly shaken by signs a German political deal on immigration might be in trouble. Oil prices also took an early spill in the wake of President Donald Trump's tweet that Saudi Arabia had agreed to lift oil production by "maybe up to 2,000,000 barrels". The missive was later downplayed by the White House and Saudi Press Agency, according to Reuters.

Brent crude was down 78 cents at $78.45 a barrel, while U.S. crude fell 69 cents to $73.46. The pullback was modest given U.S. crude rallied more than 8 percent last week, while Brent gained more than 5 percent, it said.

JF Apex Securities Research in a market preview said US markets rose on Friday but came off intra-day high due to lingering concern on the US-China trade war.

It said that earlier, European stocks climb following higher oil prices and EU leaders agreed on a migration deal.

“On the local market, the FBM KLCI surged 25.82 points to 1691.50 points following window dressing.

“We expect profit taking to kick in with support at 1665 points,” it said.

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