Friday 29 Mar 2024
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KUALA LUMPUR (May 12): The FBM KLCI opened 0.31% lower this morning in line with the fall at regional markets, weighed by select blue chips.

At 9am, the FBM KLCI fell 5.01 points to 1,639.57.

The top losers included Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd, Hong Leong Bank Bhd, MISC Bhd, Westports Holdings Bhd, Axiata Group Bhd, Kossan Rubber Industries Bhd, Genting Bhd and KPJ Healthcare Bhd.

Asian shares fell on Thursday following a dismal day on Wall Street, while crude oil futures gave back some of their overnight gains after jumping on an unexpected fall in U.S. crude inventories, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2 percent in early trading, in the wake of the worst day for U.S. share markets since February, following downbeat quarterly retail reports, it said.

JF Apex Securities Research in a market preview today said US markets plunged about 1% overnight following decline in consumer and retail counters.

It said that similarly, European stocks were lower following disappointing corporate earnings and loss in banking counters. 

“On the local bourse, the FBM KLCI gained 8.74 points to 1644.58 points to extend its rebound.

“Following the bearish performance in the US and Europe, the FBM KLCI could reverse its gains in the past two days with immediate support at 1620 points,” it said.

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