Lacklustre start for KLCI as regional markets slip

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KUALA LUMPUR (July 23): The FBM KLCI started off on a lacklustre mode today as regional markets slipped folloing the weaker overnight close at Wall Street.

At 9am, the FBM KLCI was up 0.04 points to 1,729.57.

The gainers included UMW Holdings Bhd, Telekom Malaysia Bhd, Panasonic Malaysia Manufacturing Bhd, IHH Healthcare Bhd, Pestech International Bhd, Only World Group Holdings Bhd, Publ;ic Bank Bhd and Sime Darby Bhd.

Asian shares slipped early on Thursday after disappointing earnings from tech giants weighed on Wall Street, while the dollar rebounded on the back of upbeat U.S. economic data, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2 percent, it said.

JF Apex Securities Research in a market preview today said US markets declined after being dragged down by lower earnings of tech companies.

Similarly, it said European equities ended lower with investor sentiment affected by decline in commodity prices.

“On the local market, the FBM KLCI lost 6.66 points to 1729.53 points.

“Following the bearish performance in the US and Europe, we expect the market sentiment to remain lackluster with the benchmark index hovering below its resistance level of 1740 points,” it said.