KLCI dips in line with retreat at regional markets, blue chips weigh

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KUALA LUMPUR (Nov 14): The FBM KLCI dipped in early trade on Wednesday, weighed by losses at blue chips, in line with the retreat at most regional markets.

At 9am, the FBM KLCI fell 1.51 points to 1,814.30.

The top losers included Kuala Lumpur Kepong Bhd, Hartalega Holdings Bhd, Lafarge Malaysia Bhd, Ibraco Bhd, Genting Bhd, Eco World Development Gropup Bhd, Tenaga Nasional Bhd, Sime Darby Bhd, Gas Malaysia Bhd, Unisem (M) Bhd and Petronas Chemicals Group Bhd.

Regionally, Asian stocks dipped in early trade on Friday following fresh signs of slowing Chinese growth, while crude oil hovered near a four-year low in an oversupplied market, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.25 percent, it said.

JF Apex Securities Research in a market preview Friday said U.S. stocks fluctuated overnight after the S&P 500 and Dow rose to records, with energy companies slammed as the price of oil fell, countering upbeat earnings from the world's largest retailer and data showing jobless claims holding at a 14-year low.

Meanwhile, it said European shares closed higher even as a further fall in oil prices led to heavy selling in the energy sector.

“On the local market, the FBM KLCI shed 0.43 points to 1815.81 points.

“Asian equities are called higher on the last trading day of the week following a positive finish on Wall Street that saw the blue-chip Dow close at new records.

“We expect the KLCI to remain range bound and hover above the support of 1,800 points,” it said.