KLCI retreats in line with regional, US markets

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KUALA LUMPUR (Oct 30): The FBM KLCI retreated in early trade on Thursday, in lkine with the dip at most regional markets and the overnight decline at Wall Street.

At 9.01am, the FBM KLCI shed 0.57 points to 1,838.98.

The top losers included BAT, IJM Corp, Top Glove, IHH, Hong Leong Bank, CIMB, Berjaya Sports Toto, AFG, Genting Malaysia and Maxis.

Regionally, Asian stocks dipped and the dollar hovered at three-week highs versus the yen after the U.S. Federal Reserve ended its quantitative easing programme as expected, but laced its economic assessment with a tinge of optimism, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.5 percent in early Asian trade on Thursday, it said.

BIMB Securities Research in a market preview Thursday said that regionally, key indices ended positive ahead of a U.S. Federal Reserve announcement on quantitative easing and in the wake of a rally on Wall Street.

It said that back home, the local market ended sharply higher where the FBMKLCI added 13.87 points or 0.76% to 1,839.55 with strong buying on plantation and banking counters.

“Trading participation saw net buying from foreign institutions while local institutions and retails were net sellers.

“Expect a bumpy trading session today as volatility may increase following the end of QE in the U.S. increase with immediate resistance at 1,845/50 while support at 1,835/30,” it said.