Thursday 28 Mar 2024
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KUALA LUMPUR (March 7): The FBM KLCI retreated in early trade this morning in line with the regional markets, as some mild profit taking halted the ascend of the local index.

At 9.10am, the FBM KLCI fell 2.01 points to 1,725.35.

The top losers included British American Tobacco (M) Bhd, Axiata Group Bhd, Southern Steel Bhd, Lingkaran Trans Kota Holdings Bhd, Petron Malaysia Refining and Marketing Bhd, CB Industrial Product Holding Bhd, Genting Bhd, IGB REIT and George Kent (M) Bhd.

Asian stocks were listless early on Tuesday after Wall Street slipped on concerns about U.S. President Donald Trump's ability to focus on economic policies, while the euro slid on fears an anti-European Union candidate may be elected France's next president, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat, retaining most of its 0.36 percent gain from Monday, it said.

JF Apex Securities Research in a market preview today said that US markets declined overnight dragged by banking and materials counters as interest rate hike is expected to happen this month.

It said that earlier, European stocks also ended lower following China's expected slower growth.

“On the local market, the FBM KLCI rallied 18.98 points to 1727.36 points.

“Following the negative performance in the US and Europe, the FBM KLCI could see profit taking as the recent rally is being capped by the resistance of 1730 points,” it said.

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