Friday 29 Mar 2024
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KUALA LUMPUR (Sept 3): The FBM KLCI opened up today before vacillating between gains and losses as world markets took cue from US-China trade war updates after both nations started imposing tariffs on each other's goods on Sunday. Brexit concerns also affected investor sentiment.

At 9am today, the KLCI opened up 0.13 point at 1,612.27. At 9:14am, the index rose 1.22 points at 1,613.36. At 9:17am, the KLCI fell 2.29 points to 1,609.85.

Malaysian markets resumed transactions today after trading was closed yesterday in lieu of Awal Muharram, which fell on Sunday. 

Today, Hong Leong Investment Bank Bhd wrote in a note : "Despite another round of tariffs implemented over the weekend, buying interest were noticed on most global stock markets and we believe it may spill over towards stocks on the local bourse, lifting the KLCI eventually in the near term." 

"Next resistance will be set along 1,620-1,640. Traders may take the opportunity to look out for bottoming out stocks for accumulation phase as the KLCI has formed a firm base around 1,580-1,600," Hong Leong said.

Globally, Reuters reported that stocks were hit by US-China trade frictions on Tuesday while the British pound flirted with 2 1/2-year lows as Prime Minister Boris Johnson indicated he could call an election to stymie lawmakers' efforts to avert a no-deal Brexit.

It was reported that the US began imposing 15% tariffs on a variety of Chinese goods on Sunday and China began imposing new duties on US crude oil, the latest escalation in their trade war.

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