KLCI dips 0.29% as Genting stocks, index-linked counters drag, regional markets rise on Nasdaq gains

KLCI dips 0.29% as Genting stocks, index-linked counters drag, regional markets rise on Nasdaq gains
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KUALA LUMPUR (Aug 21): The FBM KLCI opened in the negative zone and dipped 0.29% in early trade as Genting-linked stocks and other index-linked counters dragged, while regional markets rose.

At 9.05am, the benchmark index fell 4,59 points to 1,570.79.

The early losers included Top Glove Corp Bhd, Kossan Rubber Industries Bhd, Fraser & Neave Holdings Bhd, Pharmaniaga Bhd, Hartalega Holdings Bhd, Genting Bhd, Milux Corp Bhd, Petronas Chemicals Group Bhd, Malayan Banking Bhd and Genting Malaysia Bhd.

Bloomberg said Asian stocks climbed Friday after a rise in U.S. technology shares drove the Nasdaq 100 to a record, tempering concern over a bumpy economic recovery.
Treasuries retained overnight gains, it said.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street closed on a firmer note despite the higher than expected unemployment figure that surpassed the 1.0 million mark.

It said the Dow Jones Industrial Average ended 47 points higher at around the 27,740 level with the S&P 500 touching another record high.

“We expect regional markets to see some mild rebound today following yesterday’s broad decline.

“On the local front, the FBM KLCI should be range bound today amidst the volatility of the glove stocks.

“Therefore, we expect the benchmark index to trend within the 1,565-1,580 levels today,” it said.