KLCI starts Monday in muted fashion in line with nervy regional markets

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KUALA LUMPUR (Sept 7): The FBM KLCI started Monday in muted fashion, tracking the nervy start at regional markets.

At 9.05am, the benchmark index added 0.57 points to 1,516.43.

The early gainers included Allianz Malaysia Bhd, Kossan Rubber Industries Bhd, Ipmuda Bhd, Comfort Gloves Bhd, Ho Wah Genting Bhd, Petronas Gas Bhd, PPB Group Bhd, Unisem (M) Bhd, Malaysia Airports Holdings Bhd and Fraser & Neave Holdings Bhd.

Bloomberg said stocks looked headed for a nervy start to trading Monday after the biggest two-day slide for global equities since June left investors on edge.

Currencies began the week with little fanfare, while crude oil declined, it said.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street struggled as profit taking continued.

It said the Dow Jones Industrial Average lost almost 600 points at one time but recovered to close 159 points lower and remain above the 28,000 mark.

The research house said the recovery could also be due to the improved employment data in the US.

“We expect regional markets to improve today following a week of correction.

“On the local front, we expect the FBM KLCI to continue with the consolidation on an upward bias to test the 1,520 mark today with intermittent support level seen at the 1,510 level.

“Wall Street is closed for Labour Day today,” it said.