Friday 29 Mar 2024
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KUALA LUMPUR (June 19): The FBM KLCI extended its losses and slipped below the 1,500-point level in early trade Friday, as index-linked glove makers and Public Bank Bhd led the decliners against the backdrop of regional bourses that ticked higher.

At 9.05am, the FBM KLCI fell 6.59 points to 1,498.33.

The top losers included Top Glove Corp Bhd, Public Bank Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, Kossan Rubber Industries Bhd, ViTrox Corp Bhd and Hartalega Holdings Bhd.

Bloomberg said Asian stocks ticker higher in early Friday trading after a muted session on Wall Street saw shares end little changed.

The dollar held its overnight gain, it said.

Rakuten Trade Research in its daily market report said it was another rocky session on Wall Street as investors remained tentative on the US economic recovery and Covid-19 cases.

It said the Dow Jones Industrial Average was down by 270 points at one time before it recovered to close just above the 26,000 level, down a mere 40 points.

“Notwithstanding this, we expect regional markets to remain on consolidation mode today.

“As for the local bourse, we reckon the FBM KLCI to find its base at the psychological 1,500 mark with the 1,515 as the immediate resistance level.

“Meanwhile, crude prices are improving with the Brent now rebounded to almost US$42/barrel,” it said.

 

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