Friday 29 Mar 2024
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KUALA LUMPUR (June 27): The FBM KLCI fell in early trade today in line with the retreat at regional markets following Britain voting last week to exit the European Union (EU).

At 9.05am, the FBM KLCI fell 7.04 points to 1,627.01.

The top losers included Dutch Lady Milk Industries Bhd, Lafarge Malaysia Bhd, Petron Malaysia Refining & Marketing Bhd, IHH Healthcare Bhd, Syarikat Takaful Malaysia Bhd, SCGM Bhd, Heineken Malaysia Bhd and UMW Holdings Bhd.

Asian stocks opened weaker and the British pound fell almost 2% in early Asian trade on Monday as markets struggled to shake off deep uncertainty sparked by Britain's decision to leave the EU, according to Reuters.

Global stock markets lost about US$2 trillion in value on Friday, with MSCI's broadest gauge of the world's stock markets falling 4.8%, its biggest decline in nearly five years, it said.

JF Apex Securities Research in a market preview today said US markets plunged over 3% on Friday (June 24) after Brexit caught investors by surprise.

It said that similarly, European stocks nosedived after the UK voted to leave the EU.

It said that on the local market, the FBM KLCI ended 5.93 points lower at 1,634.05 points after a late surge lifted the index from an intraday low of 1,611.88 points.

"Following the bearish sentiment and uncertainty from Brexit, the FBM KLCI is expected to remain volatile with a bearish bias as immediate support is seen at 1,610 points.

"The local market and currency could be under foreign selling pressure for this week with crude oil prices [retreating] from US$50/barrel," it said.

 

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