KLCI shrugs off regional retreat, ticks higher

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KUALA LUMPUR (June 1): The FBM KLCI shrugged off the retreat at most regional markets and ticked up in early trade this morning, lifted by select index-linked blue chips.

At 9.05am, the FBM KLCI rose 2.29 points to 1,742.91.

The early gainers included Carlsberg Brewery Malaysia Bhd, United Plantations Bhd, Perushaan Sadur Timah Malaysia Bhd, Time Dotcom Bhd, Public Bank Bhd, Malaysia Airport Holdings Bhd, IOI Corp Bhd, Hong Leong Industries Bhd, Edaran Bhd and PPB Group Bhd.

Asian equities sagged on Friday as worries about U.S. trade policy hit global financial markets, which were already shaken this week by political turmoil in Italy, according to Reuters.

Wall Street shares posted deep losses overnight after the United States said it would impose tariffs on aluminium and steel imports from Canada, Mexico and the European Union, it said.

JF Apex Securities Research in a market preview said US markets plunged overnight on concerns of trade war after the Trump administration imposed tariffs on steel and aluminium import from EU, Canada and Mexico.

It said earlier, European stocks tumbled as the tariffs could spark retaliation from EU and Mexico with counter measures.

“On the local market, the FBM KLCI surged 21.34 points to 1740.62 points after a sharp rebound.

“Following the bearish performance in global markets, the FBM KLCI could remain pressured with support at 1710 points,” it said.