Thursday 28 Mar 2024
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KUALA LUMPUR (June 4): The FBM KLCI got off to a muted start this morning ahead of the shorter trading session today in view of the Hari Raya Aidilfitri holidays, dragged by losses at index-linked key blue chips.

At 9.05am, the FBM KLCI shed 0.34 points to 1,654.97.

The early decliners included Petronas Gas Bhd, Hong Leong Financial Group Bhd, Tenaga Nasional Bhd, AMM Holdings Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Petronas Chemicals Group Bhd, Axiata Group Bhd and Hartalega Holdings Bhd.

Asian stocks stabilised in early trading Tuesday after a technology rout sank Nasdaq shares overnight. Treasuries came off their highs after yields dived on growing conviction the Federal Reserve will cut interest rates, according to Bloomberg.

Equities fluctuated at the open in Japan, Australia and South Korea. Futures on the S&P 500 Index were flat. The Nasdaq 100 Index tumbled more than 2% Monday as the FAANG cohort of tech companies was said to potentially face antitrust probes, though declines for other U.S. equity gauges were more muted. Two-year Treasury yields earlier dropped to their lowest since 2017 after St. Louis Fed President James Bullard said the central bank may need to lower rates soon amid the trade war. Crude oil extended its decline, it said.

CIMB Retail Research in a Bursa Malaysia outlook today said the escalating trade wars continued to roil the financial markets as well as crude oil prices.

“Although the FBMKLCI index closed 4.55 points or 0.28% higher on Monday, the overall market breadth remained negative with 577 losers trouncing 266 gainers.

“The index may remain muted today ahead of the Hari Raya break as we expect the market to have slower trading activities during the holiday-shortened week. Resistance: 1,657 & 1,670. Support: 1,633 & 1,624,” it said.

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