KLCI dips in early trade as select blue chips retreat

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KUALA LUMPUR (April 3): The FBM KLCI dipped in early trade today as select blue chips retreated, while regional markets rose in line with the modest overnight gains at Wall Street.

At 9.01am, the FBM KLCI dipped 0.79 points to 1,831.18.

The early decliners included British American Tobacco (M) Bhd, IHH Healthcare Bhd, Telekom Malaysia Bhd, Westports Holdings Bhd, Malaysia Airports Holdings Bhd, Parkson Group Holdings Bhd, Axiata Group Bhd, Perisai Petroleum Teknologi Bhd and Malayan Banking Bhd.

The dollar stuck to its recent ranges in holiday-thinned trading on Friday and stocks edged up as investors awaited key U.S. employment figures for possible clues on when the Federal Reserve will hike interest rates, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, while Japan's Nikkei stock average was up 0.3 percent. Wall Street logged modest gains ahead of the holiday after two losing sessions, it said.

JF Apex Securities Research in a market preview today said US markets rose before closing today for Easter holiday as investors anticipate today's employment data and outcome of Iran nuclear talks.

Meanwhile, it said European stocks ended mixed ahead of Easter holiday.

“On the local market, the FBM KLCI gained 5.66 points to 1831.97 points.

“The index is still unable to break away from the resistance of 1830 points despite breaching the 200-day moving average. We expect the index to consolidate and retest the threshold before approaching the next resistance at 1845 points,” it said.