Friday 29 Mar 2024
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KUALA LUMPUR (April 26): The FBM KLCI opened lower this morning as sentiment remained lacklustre and dampened by the defensive regional markets, weighed by the weaker overnight close at Wall Street.

At 9am, the FBM KLCI opened 0.85 points lower at 1,713.66.

The early decliners included Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd, Petronas Gas Bhd, PPB Group Bhd, Genting Bhd, Kian Joo Can Factory Bhd, Kossan Rubber Industries Bhd, SP Setia Bhd, Cycle & Carriage Bintang Bhd, Padini Holdings Bhd and Malayan Banking Bhd.

Asian stocks were on the defensive on Tuesday after oil prices eased and as investors braced for central bank policy meetings in the United States and Japan later this week, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 percent, while Japan's Nikkei slipped 0.4 percent, it said.

JF Apex Securities Research in a market preview today said US markets were slightly lower overnight after energy stocks dropped and investors waiting for the Federal Reserve's meeting later today.

It said that similarly, European stocks ended lower following decline in mining counters.

“On the local market, the FBM KLCI dropped 3.45 points to 1714.51 points to extend its sideways movement.

“Following the lackluster performance in the US and Europe, the FBM KLCI is expected to remain flat below the resistance of 1728 points and could test the support of 1705 points,” it said.

 

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