Thursday 28 Mar 2024
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KUALA LUMPUR (May 23): The FBM KLCI fell 0.32% in early trade this morning, dragged by losses at Axiata Group Bhd, Telekom Malaysia Bhd and Tenaga Nasional Bhd, as well as other key index-linked blue chips.

At 9.05am, the FBM KLCI lost 5.87 points to 1,839.16.

The top losers included Axiata Group Bhd, Petronas Gas Bhd, Pos Malaysia Bhd, Latitude Tree Holdings Bhd, Hong Leong Bank Bhd, Telekom, Tenaga, British American Tobacco (M) Bhd, George Kent (M) Bdh and Alliance Bank Malaysia Bhd.

Asian shares edged up on Wednesday but investors were cautious after U.S. President Donald Trump tempered optimism over progress made so far in trade talks between the world's two largest economies, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.15 percent while Japan's Nikkei lost 0.2 percent, it said.

JF Apex Securities Research in a market preview said US markets declined overnight after President Trump is not satisfied with China trade talks and doubts the summit with North Korea would take place.

It said that earlier, European stocks climbed with gains from automotive counters after China said it would cut import duty on passenger cars.

“On the local market, the FBM KLCI dropped 8.55 points to 1845.03 points on foreign selling.

“Following the mixed performance in the US and Europe, the FBM KLCI could remain lacklustre and trend lower towards the support of 1800 points,” it said.

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