KUALA LUMPUR (Sept 23): The FBM KLCI dipped 0.58% in early trade today in line with the fall at most regional markets, weighed by key blue chip stocks.
At 9.01am, the FBM KLCI lost 9.52 points to 1,625.85.
The top decliners include British American Tobacco (M) Bhd, Hong Leong Bank Bhd, DiGi.Com Bhd, Public Bank Bhd, UEM Edgenta Bhd, PPB Group Bhd, Genting Bhd, Malayan Banking Bhd, IOI Corporation Bhd, Sime Darby Bhd and Tenaga Nasional Bhd.
Asian stocks fell on Wednesday as global growth worries stung Wall Street, sending investors scampering to the relative safety of the yen and government debt, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3%, with Australia down 1.3% and South Korea falling 0.8%. Japanese markets are shut through Wednesday, it said.
JF Apex Securities Research in a market preview today said US markets tumbled over 1% following concerns of slowing economy and lower oil price.
Similarly, it said European stocks plunged after sharp falls in auto and mining companies.
“On the local bourse, the FBM KLCI lost 4.10 points to 1,635.37 points.
“Following the bearish performance in the US and Europe, we expect the KLCI to be negative today with support at 1,600 points,” it said.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)