KUALA LUMPUR (April 29): The FBM KLCI dipped 0.21% in early trade this morning, dragged by select index-linked blue chips, against the backdrop of mixed regional markets.
At 9.05am, the FBM KLCI dipped 3.48 points to 1,634.90.
Meanwhile, Seacera Group Bhd shares slumped after it was classified as a Practice Note 17 (PN17) company as it has defaulted on the payment of principal and profits to AmBank Islamic Bhd and not being able to provide a solvency declaration to Bursa Malaysia Securities.
The other losers included Public Bank Bhd, Lingkaran Trans Kota Holdings Bhd, Maxis Bhd, QL Resources Bhd, Guan Chong Bhd, Petronas Chemicals Group Bhd, Petra Energy Bhd, Gamuda Bhd and Iskandar Waterfront City Bhd.
Asian stocks were mixed at the start of a week that’s packed with data releases that may provide clues on global economic growth. Volumes are likely to be down with Japanese markets shut for holidays, according to Bloomberg.
Australian equities dipped and shares in South Korea edged higher, while futures signaled gains in Hong Kong. U.S. stocks climbed Friday and the S&P 500 Index reached an all-time high amid a flurry of earnings reports. The euro was steady after S&P Global Ratings left Italy’s rating unchanged Friday, while Spain’s incumbent Socialist Prime Minister Pedro Sanchez is set to be re-elected, as widely expected, it said.
Kenanga IB Research said Asian markets mostly declined last Friday, weighed by worries over global slowdown and economic divergence between U.S. and the rest of the world.
It said back home, the FBM KLCI gained 2.70 points (+0.17%) to close at 1,638.38, bringing week-on-week gain to 1.01%.
“Short-term consolidation could be the case for this week trading, given momentum indicators still displaying some weaknesses as seen in the flat-lining of MACD and RSI.
“A decisive take-down of the 1660 (R1) is vital for the local index to trend upwards towards 1,700 (R2),” it said.