KLCI dips in line with tepid regional markets

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KUALA LUMPUR (Nov 5): The FBM KLCI declined in early trade in line with its regional peers that got off to a tepid start on the back of lower overnight close at Wall Street.

At 9am, the FBM KLCI fell 2.61 points to 1,844.75.

The top losers in early trade included Boxpak, KLK, Petronas Dagangan, GAB, Maxis, RHB Capital,Kulim, SapuraKencana, Faber and Tenaga.

Regionally, Asian shares got off to a lacklustre start on Wednesday after a plunge in oil prices dragged down U.S. shares, while the dollar took a breather after this week's rally, according to Reuters.

Crude prices steadied after falling to multi-year lows on news top oil exporter Saudi Arabia cut its U.S. sales prices, it said.

Hong Leong IB Research in a market preview Wednesday said that as Bursa Malaysia consolidates, investors were likely to remain sidelines during the ongoing (reflected by the dwindling trading volume) ahead of the Bank Negara policy meeting (6 Nov) and the ongoing Nov reporting season.

“Externally, investors are closely monitoring the U.S. mid-term election outcome (tonight), U.S. jobs data (7 Nov) and the monetary policy decisions by BOE and the ECB (6 Nov).

“Key resistances are 1850-1864 while supports are situated at 1831-1840 levels.