KLCI dips as Axiata, Public Bank drag

-A +A

KUALA LUMPUR (April 17): The FBM KLCI fell in early trade this morning, dragged by losses at index-linked blue chips including Axiata Group Bhd and Public Bank Bhd.

At 9.05am, the FBM KLCI fell 2.28 points to 11,627.18.

The losers included Kuala Lumpur Kepong Bhd, FACB Industries Bhd, Axiata, Public Bank, UOA Development Bhd, Sunway Construction Group Bhd, LBI Capital Bhd, YTL Corp Bhd and Muhibbah Engineering (M) Bhd.

Stocks in Asia were mixed after their U.S. counterparts struggled for traction and as investors awaited a slew of data on China’s economy. The 10-year Treasury yield edged back from a one-month high, according to Bloomberg.

Japanese shares rose, while equities in South Korea and Australia were little changed. Earlier, the Nasdaq 100 closed within 0.1 percent of an all-time high, while gains fizzled late in the session to leave the S&P 500 little changed. Financial firms outperformed after BlackRock Inc.’s results offset weakness at Bank of America Corp. The greenback edged higher. The New Zealand dollar tumbled after inflation slowed more than forecast, it said.

Kenanga IB Research said Asian stock markets were mostly positive led by gains from China market as investors appear optimistic towards China’s economy.

It said locally, the FBMKLCI declined 1.87 points (-0.11%) to close at 1,629.46 with Malaysia Airports Holdings Bhd making the biggest loss for the day (-2.17%).

“While overall technical outlook still appears bearish, we believe that it may not persist as the stochastic indicator has been in the oversold zone for quite some time.

“Should a rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels,” it said.