Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 26): The FBM KLCI extended its consolidation mode and dipped in early trade Tuesday, weighed by select index-linked blue chips.

At 9.10am, the FBM KLCI shed 2.01 points to 1,589.34.

The early decliners included Latitude Tree Holdings Bhd, Tong Herr Resources Bhd, Yinson Holdings Bhd, KYM  Holdings Bhd, British American Tobacco (M) Bhd, Press Metal Aluminium Holdings Bhd, Pos Malaysia Bhd, IHH Healthcare Bhd, Sunway Construction Group Bhd and Mesiniaga Bhd.

Asian stocks looked set to gain Tuesday amid optimism over U.S.-China trade talks and a fresh wave of merger and acquisition activity. The yen weakened and the dollar edged higher, according to Bloomberg.

Futures in Japan and Hong Kong were higher in early trading. Australian shares edged up at the open. U.S. futures were little changed. The S&P 500 Index, Dow Jones Industrial Average and Nasdaq Composite Indexes reached all-time highs Monday, with tech shares leading gains. Among the M&A deals, Charles Schwab Corp. agreed to buy TD Ameritrade Holding Corp., while LVMH is purchasing Tiffany & Co. Treasuries were little changed, it said.

JF Apex Securities Research said US markets rose overnight to record highs following optimism on the US-China trade deal.

It said that earlier, European stocks advanced after progress in the US-China trade talks.

“On the local market, the FBM KLCI lost 5.49 points to 1591.35 points.

“Following the bullish performances in the US and Europe, the FBM KLCI could climb towards the resistance of 1615 points,” it said.

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