Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Nov 27): The FBM KLCI fell 0.49% in early trade this morning, dragged by losses including at Genting-linked stocks and Telekom Malaysia.

At 9.05am, the FBM KLCI lost 8.25 points to 1,693.74.

Among the top losers included Genting Malaysia Bhd, Genting Bhd, Telekom Malaysia Bhd, KESM Industries Bhd, IJM Corp Bhd, Petron Malaysia Refining & Marketing Bhd, Pos Malaysia Bhd, Lay Hong Bhd, Westports Holdings Bhd and Edaran Bhd.

Asian shares battled to extend a global rebound on Tuesday after U.S. President Donald Trump seemed to quash hopes of a trade truce with China, dampening risk appetite across the region, according to Reuters.

Japan's Nikkei managed to edge up 0.4 percent, but MSCI's broadest index of Asia-Pacific shares outside Japan was all but flat, it said.

Hong Leong IB Research in a traders’ brief said in the US, with the healthy rebound along the lower band of the upward channel, coupled with positive rebound on crude oil prices as well as technology giants, we anticipate further recovery would be seen.

“Nevertheless, traders will be watching the upcoming major events such as the Trump-Xi discussions in The G20 summit, FOMC and OPEC meetings for further clues on stock markets.

“Tracking the Wall Street positive performance overnight, we believe buying support may emerge on the local front.

“However, Asia’s sentiment may be affected by Trump’s comment that he is expecting to move on with raising tariffs on the US$200 billion Chinese imports to 25% (from 10%).

“Meanwhile, traders are likely to focus on O&G stocks amid rising crude oil,” it said.

      Print
      Text Size
      Share