KLCI gets off to subdued start, regional markets trade mixed

KLCI gets off to subdued start, regional markets trade mixed
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KUALA LUMPUR (Aug 5): The FBM KLCI got off to a subdued start in early trade Wednesday, against the backdrop of mixed regional markets.

At 9.05am, the benchmark index was up 0.23 points to 1,576.17.

The early gainers included Nestle (M) Bhd, Rubberex Corp Bhd, Bursa Malaysia Bhd, Careplus Group Bhd, Kuala Lumpur Kepong Bhd, Tomei Consolidated Bhd, Comfort Gloves Bhd, Adventa Bhd and Karex Bhd.

Bloomberg said Asian stocks opened mixed on Wednesday as investors mulled the progress of stimulus talks in Washington and reports of a plan to review the U.S.-China trade deal.

Gold touched a record high, it said.

Rakuten Trade Sdn Bhd in its daily market report said US stocks were mostly higher despite investors becoming more cautious as more funds are trickling into the US Treasuries and Gold.

It said whilst the Dow Jones Industrial Average gained 164 points to inch towards the 27,000 mark with the Nasdaq edging closer to the 11,000 level,

“Gold prices surged past the US$2,000/oz which is a record high.

“Hence we believe regional markets to trend higher today having woken from their consolidation phase.

“Meanwhile, the local bourse is expected to chart higher today following yesterday’s late rebound. The FBM KLCI may test the 1,590 level today,” it said.