KLCI dips 0.44% to remain below 1,500 as select index-linked stocks drag

KLCI dips 0.44% to remain below 1,500 as select index-linked stocks drag
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KUALA LUMPUR (Oct 2): The main index at Bursa Malaysia dipped 0.44% in early trade Friday and remained below the 1,500-point level as select index-linked blue chips dragged.

At 9.10am, the benchmark FBM KLCI fell 6.49 points to 1,490.28.

The decliners included Nestle (M) Bhd, Ajinomoto (M) Bhd, PPB Group Bhd, Aeon Credit Service (M) Bhd, Sarawak Oil Palms Bhd, Yinson Holdings Bhd, Public Bank Bhd, Greatech Technology Bhd and Duopharma Biotech Bhd.

Bloomberg said Japanese stocks advanced as trading on the Tokyo Stock Exchange resumed after Thursday’s outage, while holiday closures in other major Asian markets may make for a subdued equity trading session.

The dollar was steady ahead of the monthly U.S. payrolls data, it said.

JF Apex Securities Research said US markets rose overnight led by gains in technology counters despite lawmakers failing to agree on the US$2.2 trillion stimulus package.

It said that earlier, European stocks climbed after manufacturing PMI came within expectations.

“On the local market, the FBM KLCI lost 8.05 points to 1496.77 points.

“Following the positive performances in the US and Europe, the FBM KLCI could stay buoyed above the support of 1475 points,” it said.