KLCI extends loss for sixth day

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KUALA LUMPUR (April 15): The FBM KLCI extended its loss in early trade today for the sixth consecutive day on lacklustre sentiment after the International Monetary Fund said Malaysia’s growth is expected to slow markedly to 4.8% this year from 6% in 2014 (a downward revision of 0.4 percentage point) on weaker terms of trade.

At 9am, the FBM KLCI was down 2.15 points to 1,837.46.

The top losers included British American Tobacco (M) Bhd, MISC Bhd, Public Bank Bhd, Kuala Lumpur Kepong Bhd, Telekom Malaysia Bhd, MMC Corporation Bhd, Petronas Chemicals Bhd. Berjaya Auto Bhd, Sime Darby Bhd and RHB Capital Bhd.

Meanwhile, Asian share markets took a cautious stance on Wednesday ahead of an anxiously-awaited reading on China's growth pulse, while the dollar nursed losses after a disappointing reading on consumer spending nudged bond yields lower, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was all but flat, while Japan's Nikkei inched down 0.2 percent, it said.

JF Apex Securities Research in its market preview today said US markets were mixed with the Dow climbing higher following a slew of earnings announcements and higher oil price.

It said that in Europe, stocks were mostly lower as investors remain cautious of today's European Central Bank meeting on rate decision.

“On the local market, the FBM KLCI lost 2.47 points to 1839.61 points.

“Asian equities could open mixed due to caution on China's first quarter GDP announcement this morning.

“We expect the KLCI to remain lackluster with support at 1830 points,” it said.