Friday 29 Mar 2024
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KUALA LUMPUR (March 5): The FBM KLCI succumbed to some mild profit taking in early trade on Thursday, in line with the slower start at regional markets and overnight fall at Wall Street.

At 9am, the FBM KLCI fell 5.88 points to 1,819.66.

The top losers included Hong Leon Financial Group Bhd, British American Tobacco (M) Bhd, Genting Plantations Bhd, Kuala Lumpur Kepong Bhd, PPB Group Bhd, S P Setia Bhd, UMW  Holdings Bhd, KLCC Property Holdings Bhd, SapuraKencana Petroleum Bhd and Maxis Bhd.

Asian stocks slipped on Thursday after Wall Street continued to pull back from record highs ahead of Friday's closely-watched U.S. jobs data, while the nervous euro languished at an 11-year low prior to the European Central Bank's policy meeting, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.2 percent. Japan's Nikkei lost 0.2 percent and South Korean and Australian shares also posted modest losses, it said.

JF Apex Securities Research in  market preview Thursday said that US equities extended their losses overnight after February payroll data came below expectation.

However, it said European markets rose ahead of European Central Bank's policy meeting today which is expected to start the quantitative easing.

“Back home, the FBM KLCI gained 4.29 points to 1825.54 points following a last minute spike.

“Asian investors will look to China's National People's Congress today for cues on its economy.

“We expect the FBM KLCI to re-test the resistance of 1830 points,” it said.

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