KUALA LUMPUR (Aug 9): The FBM KLCI started on a flast note this morning, tracking its subdued regional peers.
At 9.05am, the FBM KLCI was up 0.49 points to 1,805.22.
The gainers included Ibraco Bhd, Far East Holdings Bdh, Petronas Chemicals Group Bhd, Hong Leong Industries Bhd, Public Bank Bhd, Cahya Mata Sarawak Bhd, Malaysian Pacific Industries Bhd, Gas Malaysia Bhd, DKSH Holdings (M) Bhd and Tenaga Nasional Bhd.
Asian shares were subdued on Thursday after a new round of tit-for-tat tariffs in the U.S.-Sino trade conflict torpedoed oil prices, while the Russian rouble tumbled as the U.S. slapped fresh sanctions on the country, according to Reuters.
MSCI’s broadest index of Asia-Pacific shares outside Japan barely budged as caution dominated. Japan’s Nikkei slipped 0.5 percent, not helped by a shock slump in core machinery orders, it said.
JF Apex Securities Research in a market preview said US markets ended flat after China unleashed new tariffs on US products.
It said that earlier, European stocks closed mixed amid corporate earnings and concerns on global trade.
“On the local market, the FBM KLCI jumped 13.64 points to 1804.73 points.
“Following the mixed performance in the US and Europe, the FBM KLCI could take a breather from its recent surge and trend sideways,” it said.
Source: The Edge