Tuesday 19 Mar 2024
By
main news image

KUALA LUMPUR (July 21): The FBM KLCI drifted lower in early trade Tuesday on some mild profit taking activities, against the backdrop of modest gains at regional markets.

At 9.10am, the bellwether index shed 0.55 points to 1588.90.

The top losers included Supermax Corp Bhd, Hap Seng Consolidated Bhd, Carlsberg Brewery Malaysia Bhd, Petronas Gas Bhd, Top Glove Corp Bhd, Kotra Industries Bhd and IOI Corp Bhd.

Bloomberg said Asian stocks opened modestly higher after a technology-fueled rally lifted their U.S. counterparts to the highest since February.

The dollar extended a decline to an almost six-week low, it said.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street was solid overnight as Nasdaq closed at another record high.

However, it said the Dow Jones Industrial Average was flat up a mere 9 points to remain at 26,680 as investors awaits for earnings results amid the worsening Covid-19 cases in the US.

“We reckon regional markets to be mixed today despite the positive trend in China as market consolidation continues for some.

“Locally, the FBM KLCI which saw some selling yesterday after it hit the 1,610 level may experience some correction today.

“As such, we expect the index to trend between 1,585-1,600 range today,”it said.

 

      Print
      Text Size
      Share