KUALA LUMPUR (June 15): The FBM KLCI dipped  in early trade this morning and slipped 0.47% this morning in line with the retreat at mosr regional markets.

At 9.06am, the FBM KLCI fell 7.19 points to 1,538.83.

The early decliners included Nestle (M) Bhd, Hap Seng Consolidated Bhd, Petronas Gas Bhd, Hong Leong Bank Bhd, Vitrox Corp Bhd, DKSH Holdings (M) Bhd and British American Tobacco (M) Bhd.

Bloomberg said U.S. futures retreated along with Asian shares and the dollar climbed against major peers as investors gauged the danger of a second wave of coronavirus infections.
S&P 500 futures were down about 1.5% in early trading, and Japanese and Korean stocks dropped at the open. More than 20 U.S. states are seeing a pick-up in cases, Tokyo reported a jump over the weekend and a fresh outbreak in Beijing prompted officials to close a market there. Second-wave concerns had pummeled shares on Thursday before a modest rebound Friday. Crude oil prices slid, and Treasuries climbed, it said.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street rebounded on Friday following the steep sell-down the day before.

It said the Dow Jones Industrial Average gained almost 480 points to 25,600 level amid sentiments remained jittery affected by growing fears of the US Covid-19 cases.

“As such, it is expected that regional markets to be rather mixed today as investors should be wary of the progressive easing from various countries judging from new cases in Beijing over the weekend.

“The local bourse that had been one of the best performers in the region may continue to see intermittent consolidation with the FBM KLCI to hover between the 1,540 - 1,550 mark today,” it said.