KLCI dips as key banking stocks retreat as regional markets trade mixed

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KUALA LUMPUR (April 13): The FBM KLCI dipped in early trade this morning as key-index linked banking stocks retreated, against the backdrop of mixed regional markets.

At 9.10am, the FBM KLCI dipped 3.30 points to 1,354.20.

The early deccliners included Nestle (M) Bhd, Heineken Malaysia Bhd, Public Bank Bhd, Texchem Resources Bhd, Hong Leong Bank Bhd, Sarawak Oil Palms Bhd, British American Tobacco (M) Bhd, Time Dotcom Bhd, Malayan Banking Bhd and Press Metal Aluminium Holdings Bhd.

Bloomberg reported stocks looked set to for a mixed start to the week as investors mulled a slowdown in new coronavirus cases and readied for the start of earnings season. Oil futures swung after a historic deal to cut output.

U.S. equity futures declined in early Asia trading and Japanese contracts retreated. Many markets remained closed for holidays. The euro steadied after France, Germany, Italy and Spain reported a slowdown in new cases. Canada’s dollar opened higher after OPEC+ agreed to cut 9.7 million barrels a day from global crude output -- just below the initial plan of 10 million. The yen ticked higher, it said.

JF Apex Securities Research said major markets around the world were closed on Friday for Good Friday holiday.

“On the local market, the FBM KLCI dropped 12.26 points to 1357.50 points.

“Following its recent flattish trend, the FBM KLCI could hover sideways below the resistance of 1370 points,” it said.