Friday 29 Mar 2024
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KUALA LUMPUR (Aug 13): The FBM KLCI opened lower this morning, despite the recovery at most regional markets, as a lack of fresh catalysts kept the local market under pressure.

At 9am, the FBM KLCI fell 4.30 points to 1,605.63.

The top losers included UMW Holdings Bhd, Petronas Gas Bhd, Carlsberg Brewery (M) Holdings Bhd, Lafarge Malaysia Bhd, British American Tobacco (M) Bhd, Pharmaniaga Holdings Bhd, DiGi.Com Bhd, Genting Plantations Bhd, Public Bank Bhd, Hong Leong Financial Group Bhd and APM Automotive Bhd.

Asian shares and the dollar crept higher in early trade on Thursday, with investors cautiously watching China's next move after it allowed the yuan to decline for two straight sessions, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%, taking heart from a late recovery on Wall Street that saw two out of three main indexes end in positive territory, it said.

JF Apex Securities Research in a markte preview today said US equities closed flat overnight after recovering from intraday losses as higher oil price lifted energy stocks.

Meanwhile, it said European markets were rocked following China's currency devaluation.

“On the local market, the FBM KLCI plunged 26.78 points to 1,609.93 points to extend its slump.

“Following the recent selldown, we expect the index to consolidate with support at 1,585 points,” it said.

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