KLCI dips 0.32%, tracks losses at regional markets
KUALA LUMPUR (March 13): The FBM KLCI fell this morning, tracking losses at most regional markets.
At 9.05am, the FBM KLCI lost 0.32% or 5.89 points to 1,855.33.
The top losers included Petron Malaysia Refining & Marketing Bhd, Hengyuan Refining Company Bhd, Hong Leong Bank Bhd, Hartalega Holdings Bhd, Malaysian Pacific Industries Bhd, MISC Bhd, Kossan Rubber Industries Bhd, Maxis Bhd, Muda Holdings Bhd and Ta Ann Holdings Bhd.
Asian stocks stalled on Tuesday, halting an earlier rally after Wall Street shares lost steam, while the dollar sagged on the back of declining U.S. yields, according to Reuters.
MSCI’s broadest index of Asia-Pacific shares outside Japan inched down 0.05 percent. The index had surged 1.5 percent on Monday following firm U.S. jobs numbers, while low wage growth eased concerns about inflation and faster central bank rate hikes, it said.
JF Apex Securities Research in a market preview said US markets ended mixed with the Dow and S&P declining overnight while the Nasdaq hit a record high after US commenced import tariffs on steel and aluminium.
It said that earlier, European stocks edged higher after shaking off US tariff concerns with gains led by utility counters.
“On the local market, the FBM KLCI surged 17.30 points to 1861.22 points.
“Following the mixed performance in the US and Europe, the FBM KLCI could face profit taking today and hover below the resistance of 1880 points,” it said.
Source: The Edge