KUALA LUMPUR (May 3): The FBM KLCI started off on a muted note this morning, tracking the slip at regional markets.
At 9.05am, the FBM KLCI shed 0.51 points to 1,631.73.
The early decliners included British American Tobacco (M) Bhd, Fraser & Neave Holdings Bhd, ViTrox Corp Bhd, Carlsberg Brewery Malaysia Bhd, Hong Leong Bank Bhd, Malaysia Airports Holdings Bhd, Malaysian Pacific Industries Bhd, Petronas Gas Bhd, Malaysian Genomics Resource Centre Bhd and Lingakaran Trans Kota Holdings Bhd.
Asian stocks slipped as investors turned their focus to earnings reports and the upcoming U.S. jobs report, and continued to monitor developments in trade talks. Treasury futures steadied after yields climbed overnight and the dollar edged higher, according to Bloomberg.
Volumes may be light with markets in China and Japan remaining closed. Weakness at Macquarie Group Ltd. dragged Australia’s stock index lower after saying profit will drop slightly this year. Futures pointed to a lower start for stocks in Hong Kong with HSBC Holdings Plc due to report results. Earlier, the S&P 500 Index moved further away from its record on concern the U.S.-China trade deal remains elusive. Oil slipped and copper is on course for its biggest weekly drop since August, it said.
Kenanga IB Research said Asian markets ended mixed as the latest round of trade talks made further progress.
It said back home, the FBMKLCI slipped 10.05 point (-0.61%) to close at 1,632.24 on profit taking activities.
“Short-term consolidation could be the case for this week trading, given momentum indicators still displaying some weaknesses as seen in the flat-lining of MACD and RSI.
“A decisive take-down of the 1,660 (R1) is vital for the local index to trend upwards towards 1,700 (R2). Reluctance to go beyond R1, would see the index retrace towards 1,615 (S1) and 1,600 (S2),” it said.