KLCI drifts lower in line with regional markets; Top Glove drags

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KUALA LUMPUR (Sept 15): The FBM KLCI drifted lower in early trade Tuesday in line with the regional markets, ahead of the Malaysia Day holiday on Wednesday.

At 9.05am, the benchmark index dipped 1.21 points to 1,510.15.

The top decliners included Supermax Corp Bhd, Top Glove Corp Bhd, Rubberex Corp Bhd, Press Metal Aluminium Holdings Bhd, Comfort Gloves Bhd and Malaysia Airports Holdings Bhd.

Bloomberg said Asian stocks drifted at the open Tuesday after snapping two weeks of declines Monday.

The dollar maintained losses and the yuan was steady after rising to the highest this year, it said.

Rakuten Trade Sdn Bhd in its daily market report said US markets has resumed its rally after its recent correction which is healthy for it to continue its bullish run.

The research house said the Dow Jones rose over 300 points to close at the 28,000 level while Nasdaq has regained its 11,000 level powered by Apple rise.

“Regional markets are expected to be positive taking cue from US markets.

“On our local front, we expect follow through buying today in our KLCI with 1,510 as support level as the glove sector has provided the confidence boost to the overall sentiment to the market.

“Hence, investors should take the opportunity to ride the renewed uptrend in our market,” it said.