KLCI dips as select blue chips weigh

-A +A

KUALA LUMPUR (April 9): The FBM KLCI dipped in early trade today as losses at select blue chips weighed the local index down.

At 9.02am, the FBMKLCI fell 2.56 points to 1,847.75.

The top losers included Hong Leong Financial Group Bhd, APM Automotive Bhd, Petronas Dagangan Bhd, UMW Holdings Bhd, Kuala Lumpur Kepong Bhd, MISC Bhd, Dutch Lady Milk Industries Bhd, My E.G. Services Bhd and Media Prima Bhd.

Asian stocks steadied on Thursday following Wednesday's surge, while the dollar drew support from minutes of the Federal Reserve's last meeting showing the Fed was still on course to hike interest rates this year, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed after surging 1.8 percent the previous day to a seven-month high, it said.

JF Apex Securities Research in a market preview today said US equities climbed as investors reacted to the dovish minutes of Federal Reserve meeting.

It said European markets were flat as oil and gas counters surge after Shell proposed to acquire BG Group.

“Back home, the FBM KLCI bucked regional trend after losing 6.20 points to 1850.31 points as investors took profit from the recent rally.

“We expect the KLCI to resume its uptrend and test the resistance of 1860 points, taking lead from the US markets,” it said.