Thursday 28 Mar 2024
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KUALA LUMPUR (June 26): The FBM KLCI drifted lower this morning in line with most regional markets, weighed by losses including at index-linked banking stocks.

At 9am, the FBMKLCI shed 0.17 points to 1,716.64.

The top losers included Boustead Holdings Bhd, Sunsuria Bhd, Malaysia Airports Holdings Bhd, KLCC Property Holdings Bhd, Top Glove Corporation Bhd, CIMB Group Holdings Bhd, Malayan Banking Bhd, IGB Corporation Bhd and Engtex Group Bhd.

Asian equities fell on Friday as Greece failed again to reach an agreement with its creditors and stumbled towards a default, while major currencies like the euro and dollar drifted as the debt saga sidelined investors, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent, it said.

JF Apex Securities Research in a market preview today said US and European markets were mostly closed lower yesterday as deadlock of Greek debt talks weigh on sentiment.

The research house said that hopes of a deal between Greece and its international bailout supervisors faded on Thursday, when a brief Euro group meeting of finance ministers ended without any signs of an agreement.  

“On the local market, the FBM KLCI tumbled 14.87 points or 0.86% to 1716.87 points with intense foreign selling pursuant to the concern on Greek default and possible downgrade of the country’s sovereign rating by Fitch.

“Following the overnight slump of overseas markets, we expect the KLCI to continue its downtrend, possible to break below its immediate support level of 1715 points with our next support level seemed at 1706 points,” it said.

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