KLCI slips 0.19% as Tenaga, select blue chips drag

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KUALA LUMPUR (May 22): The FBM KLCI slipped 0.19% in early trade this morning, dragged by losses at heavyweight Tenaga Nasional Bhd and other index-linked blue chips.

At 9.05am, the FBM KLCI slipped 3.59 points to 1,849.99.

The early decliners included Hengyuan Refining Company Bhd, Kuala Lumpur Kepong Bhd, Latitude Tree Holdings Bhd, Petron Malaysia Refining & Marketing Bhd, British American Tobacco (M) Bhd, Deleum Bhd, Tenaga, Pos Malaysia Bhd, Focus Lumber Bhd and Kuchai Development Bhd.

JF Apex Securities Research in a market preview said US markets rallied overnight as US-China trade war was put on hold following negotiations to reduce China's trade surplus.

It said that similarly, European stocks advanced on easing concerns of US-China trader war.

“On the local bourse, the FBM KLCI ended flat with 0.92 points lower at 1853.58 points after surrendering intraday gains from 1864.94 points.

“Following the bullish performance in the US and Europe, the FBM KLCI could climb towards the resistance of 1880 points,” it said.