Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Oct 15): The FBM KLCI is expected to notch limited gains today after opening lower in early trade in line with the weaker overnight close at Wall Street.

At 9am, the FBM KLCI opened 2.21 points lower at 1,709.02.

The early decliners included British American Tobacco (M) Bhd, AMMB Holdings Bhd, Malayan Banking Bhd, Keck Seng (Malaysia) Bhd. Genting Malaysia Bhd, Petronas Chemicals Group Bhd, Sarawak Oil Palms Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd, Maxis Bhd and Astro Malaysia Holdings Bhd.

Asian shares rose on Thursday and the dollar struggled near multi-week lows after weak U.S. economic data added to expectations that the Federal Reserve will delay hiking interest rates, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 percent. The index fell the previous day after soft consumer inflation in China added to concerns about the world's second-biggest economy, it said.

JF Apex Securities Research in a market preview today said US market ended lower overnight due to quarterly earnings and lower-than-expected retail sales and producer prices.

Similarly, it said European stocks declined following concerns of economic slowdown in China.

“On the local market, the FBM KLCI added 1.28 points to 1711.14 points as the index traded sideways.

“Following the negative performance in the US, we expect the FBM KLCI to test its support of 1700 points,” it said.

      Print
      Text Size
      Share