KLCI drifts lower as Top Glove and select index-linked stocks drag

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KUALA LUMPUR (Sept 8): The FBM KLCI drifted lower in early trade Tuesday as select index-linked stocks including Top Glove Corp Bhd dragged, against the backdrop of modest gains at regional markets.

At 9.05am, the benchmark index dipped 3.16 points to 1,513.20.

The early decliners included Top Glove Corp Bhd, Petronas Gas Bhd, Supermax Corp Bhd, Panasonic Manufacturing Malaysia Bhd, Choo Bee Metal Industries Bhd, Kossan Rubber Industries Bhd, Malaysia Airports Holdings Bhd and Globetronics Technology Bhd.

Bloomberg said Asian stocks followed their European peers higher Tuesday, shrugging off concerns about the selloff in U.S. technology shares and fresh Sino-American tensions.

The pound held losses on concern the U.K. is inching closer to a no-deal Brexit, it said.

Rakuten Trade Sdn Bhd in its daily market report said US markets were closed for Labour Day yesterday.

It said at time of writing, the Dow Futures was up by 260 points which should be a positive sign for regional markets today.

“Though we expect the local bourse to stage a rebound, overall sentiments may have been slightly affected by the sharp selling on small caps yesterday.

“Hence, we reckon investors to remain cautious possibly looking to accumulate on weakness. As for the FBM KLCI, we believe it will hover within the 1,510/20 range again,” it said.