KLCI dips 0.05% in early trade

KLCI dips 0.05% in early trade
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KUALA LUMPUR (May 12): The FBM KLCI dipped 0.05% in early trade, mirroring the steadier performance of regional bourses.

At 9.02am, the benchmark index had shed 0.83 points to 1,576.81 points.

The top gainer on Bursa Malaysia so far was Perusahaan Sadur Timah Malaysia (Perstima) Bhd, rising 13 sen or 3.19% to RM4.20.

Meanwhile, the biggest loser on the local bourse was Transocean Holdings Bhd, falling 28 sen 0r 5.97% to RM4.41.

The most active stock was Focus Dynamics Group Bhd, which was unchanged but its trading volume swelled to 20.79 million shares.

“On the home front, the KLCI is expected to weaken as the newly reinstated MCO 3.0 (movement control order) may add some uncertainty to the economic recovery.

“Therefore, we expect the index to hover around the 1,570-1,580 [range] today,” said Rakuten Trade’s research team in a note today.

Bloomberg reported that Asian stocks and US equity futures steadied today after a drop on Wall Street over concern that faster inflation and a surge in commodities could test the recovery from the pandemic.

“Stocks in Japan and South Korea oscillated between small gains and losses, while Australia was modestly lower. US futures fluctuated after the S&P 500 slid for a second day following a record high Friday. Dip buyers helped the tech-heavy Nasdaq 100 erase a loss of almost 2% to finish little changed.

“Treasury yields advanced and the dollar traded near the lowest levels of this year. Investors are awaiting an inflation report and government debt sales in the US — events that could trigger another bond sell-off. Consumer price inflation is set to accelerate, with the year-on-year (y-o-y) comparison amplified by the shock of economic shutdowns in 2020,” it reported.