KLCI tracks regional markets lower, key blue chips drag

KLCI tracks regional markets lower, key blue chips drag

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KUALA LUMPUR (Oct 14): The main index at Bursa Malaysia tracked regional markets lower, in line with the weaker overnight close at Wall Street.

At 9.05am, the benchmark FBM KLCI shed 3.26 points to 1,521.945.

The early decliners included Kuala Lumpur Kepong Bhd, Carlsberg Brewery Malaysia Bhd, Public Bank Bhd, Petronas Chemicals Group Bhd, MISC Bhd, Aeon Credit Service (M) Bhd, Heineken Malaysia Bhd, IHH Healthcare Bhd and HeiTech Padu Bhd.

Bloomberg said Asian stocks followed their U.S. counterparts lower Wednesday as earnings season began and there was no sign of a quick end to the fiscal stimulus stalemate.

Treasuries and the dollar were steady, it said.

Rakuten Trade in its daily market report said Wall Street retreated as traders took profit ahead of the corporate earnings season plus the delay in the US stimulus package.

It said the Dow Jones Industrial Average lost 158 points to close just below the 28,700 level.

“Therefore, we reckon regional markets to be quite mixed today as some selling may emerge.

“On the local front, the FBM KLCI will be under some pressure today as the country’s political situation remains fluid.

“As we enter the first day of CMCO within the Klang Valley, we believe the benchmark index to possibly test the 1,510 level which is the immediate support level,” it said.