KLCI tracks regional markets lower as Top Glove and Hartalega drag

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KUALA LUMPUR (Sept 11): The FBM KLCI drifted lower early Friday, tracking losses at regional markets following the the overnight dip at Wall Street.

At 9.05am, the benchmark index fell 11.77 points to 1,478.35.

The top losers included Petronas Gas Bhd, Frontken Corp Bhd, Petronas Dagangan Bhd, Top Glove Corp Bhd, Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, JF Technology Bhd, Supermax Corp Bhd and QL Resources Bhd.

Bloomberg said Asian stocks headed for a second week of losses as a fresh selloff in U.S. megacap technology shares highlighted the lingering concern over valuations in certain pockets of the market.

Treasuries and the dollar were steady,it said.

Rakuten Trade Sdn Bhd in its daily market report said US markets continues to be volatile as it attempts to rebound from the sell off from positive start but closed lower.

It said regional markets are likely to follow suit and see weakness.

“On our local market, the FBM KLCI’s support level is now at 1480.

“Glove stocks which have seen strong selling pressure lately are likely to see a technical rebound.

“Hence, investors may take some position for rebound play,” it said.