KLCI tracks Wall St lower, regional markets little changed

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KUALA LUMPUR (Oct 20): The main index at Bursa Malaysia retreated in early trade, tracking the overnight loss at Wall Street while regional markets were little changed.

At 9.05am, the benchmark FBM KLCI dipped 1.66 points to 1,516.43.

The early decliners included Nestle (Malaysia) Bhd, Malaysian Pacific Industries Bhd, Greatech Technology Bhd, Petronas Chemicals Group Bhd, Thong Guan Industries Bhd, Mega First Corp Bhd, Tenaga Nasional Bhd, Pharmaniaga Bhd and Supermax Corp Bhd.

Bloomberg said US futures rose Tuesday as investors held out some hope of a deal on stimulus talks.

Asian stocks were little changed after a weak session on Wall Street overnight, it said.

JF Apex Securities Research said US markets plunged overnight as the coronavirus stimulus talks stalled.

It said that earlier, European stocks declined amid concerns over Brexit and rising coronavirus cases.

“On the local market, the FBM KLCI surged 14.27 points to 1,518.11 points.

“Following the bearish performance in Wall Street, the FBM KLCI could pull back towards the support of 1,475 points,” it said.