Friday 29 Mar 2024
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KUALA LUMPUR (July 23): The FBM KLCI drifted lower this morning, tracking regional markets, weighed by select blue chips.

At 9.10am, the FBM KLCI dipped 1.04 points to 1,753.63.

The early losers included Kuala Lumpur Kepong Bhd, UMW Holdings Bhd, Kawan Food Bhd, IOI Corp Bhd, Iskandar Waterfront City Bhd, Petronas Chemicals Group Bhd and Maxis Bhd.

The dollar declined on Monday against major currencies to its lowest in more than two weeks after U.S. President Donald Trump criticised the Federal Reserve's tightening policy, while stocks slipped on fears of further trade protectionist measures, according to Reuters.

Trump, on Friday, lamented the recent strength of the U.S. dollar and accused the European Union and China of manipulating their currencies, it said.

JF Apex Securities Research in a market preview said US markets ended flat on Friday as strong corporate earnings mitigated President Trump's comments on the trade war with China.

It said that earlier, European stocks declined after Trump said the US is prepared to impose tariffs on $505 billion worth of Chinese products.

“On the local market, the FBM KLCI lost 4.57 points to 1754.67 points as investors took profit from the recent rally.

“Following the uncertainty from the trade war, the FBM KLCI could hover sideways and consolidate around the 1750-point level,” it said.

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