Friday 29 Mar 2024
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KUALA LUMPUR (Aug 5): The FBM KLCI opened lower today, weighed by select blue chips in line with the cautious start at most regional markets.

At 9am, the FBM KLCI shed 0.20 points to 1,723.53.

The early decliners included British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Public Bank Bhd, Bursa Malaysia Bhd, DKSK (M) Holdings Bhd, Hong Leong Financial Group Bhd, Kuala Lumpur Kepong Bhd, Axis REIT and Tenaga Nasional Bhd.

Asian shares markets got off to a watchful start on Wednesday as the mounting risks of a hike in US interest rates as early as next month lifted the dollar and sovereign bond yields, pressuring currencies across the region, according to Reuters.

Moves were minor with Japan's Nikkei off 0.1% and South Korea's KOSPI up 0.1%. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.3%, it said.

JF Apex Securities Research in a market preview today said US markets ended slightly lower as Apple shares declined, oil price rebounded and concerns on interest rate hike resurfaced.

Meanwhile, it said European stocks closed mildly lower after the Greek market reopened with a 16% tumble.

“On the local market, the FBM KLCI plunged 20.46 points to 1,723.73 points, erased all of Monday gains.

“Following yesterday's slump, we expect the FBM KLCI to hover below the resistance of 1,745 points amid lack of major catalyst,” it said.

 

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