KLCI dips marginally as Public Bank, Axiata drag

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KUALA LUMPUR (April 19): The FBM KLCI erased its meagre gains and retreated this morning, weighed by select index-linked stocks including Public Bank Bhd and Axiata Group Bhd, while regional markets stayed muted.

At 9.05am, the FBM KLCI dipped 1.04 points to 1,618.69.

The early decliners included Public Bank, Chemical Company of Malaysia Bdh, Lingkaran Trans Kota Holdings Bhd, Press Metal Aluminium Holdings Bhd, Axiata, Seacara Group Bhd and IOI Corp Bhd.

Stocks in Asia showed modest gains Friday after their U.S. counterparts edged higher, ahead of a holiday weekend in many countries. The dollar climbed, according to Bloomberg.

Shares rose in Japan and Korea, with trading volumes lighter than usual. The yen was little changed after a key inflation gauge inched higher. Earlier, the S&P 500 Index closed up after data showed retail sales jumped by the most since September 2017 and unemployment claims fell. Treasuries climbed alongside European bonds Thursday. The euro held losses following disappointing German and euro-area factory numbers, it said.

Kenanga IB Research Asian markets fall as investors monitor the progress of U.S.-China trade talk.

It said back home, the local benchmark index fell 1.17 points (-0.07%) to close at 1,619.73, with telecommunication counters leading the losses.

“While overall technical outlook still appear bearish, we believe that it may not persist as 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. Conversely, downside supports can be found at 1,615 (S1) and 1,600 (S2),” it said.