KLCI drifts higher as regional markets start soft

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KUALA LUMPUR (Sept 21): The FBM KLCI drifted higher in early trade Monday, against the backdrop of softer regional markets.

At 9.05am, the benchmark index added 2.39 points to 1,509.02.

The early gainers included Ajinomoto (M) Bhd, Scientex Bhd, ViTrox Corp Bhd, LPI Capital Bhd, Sarawak Oil Palms Bhd, United Plantations Bhd, Top Glove Corp Bhd, Tong Herr Resources Bhd and Teck Guan Perdana Bhd.

Bloomberg said U.S. stock futures opened with declines, while equities in Asia were set for a softer start after a dip on Wall Street on Friday.

The offshore yuan edged higher, it said.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street declined across the board as investors continued with their unloading of big tech names in the wake of the US/China tension over the imminent ban on both Tik-Tok and Wechat.

As such, it said the Dow Jones Industrial Average lost 244 points to close the week at the 27,650 level.

“With the US futures currently flat, we expect the same for the regional markets from the lack of direction.

“Locally, we see the FBM KLCI to possibly trend within the 1,500/20 range today.

“Again, we advocate investors to look at the Plantation sector as the CPO prices had breached the RM3,100/mt level,” it said.