Thursday 28 Mar 2024
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KUALA LUMPUR (March 13): The FBM KLCI edged lower in early trade on Friday, weighed by losses at select blue chips despit the uptrend at most regional markets.

At 9am, the FBM KLCI shed 1.89 points to 1,784.98.

The top losers included British American Tobacco (M) Bhd, UMW Holdings Bhd, Kuala Lumpur Kepong Bhd, Kossan Rubber Industries Bhd, Cahya Mata Sarawak Bhd, AMMB Holding Bhd, Wintoni Group Bhd, Sime Darby Bhd, Maxis Bhd and Axiata Group Holdings Bhd.

Asian shares shook off early losses on Friday, underpinned by overnight gains on Wall Street, while the dollar steadied after its recent rally ran out of steam on disappointing retail sales data, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.1 percent on the day. It was well off 7-week lows plumbed earlier in the week but still on track for a weekly loss of around 2 percent, it said.

JF Apex Securities Research in a market review Friday said US stocks were positive overnight as concerns of an earlier interest rate hike eased and the US dollar declined.

Meanwhile, it said European markets closed mixed due to fear of deflation and uncertainty of impact from the recently launched quantitative easing.

“On the local front, the FBM KLCI gained 8.71 points to 1786.87 points to stage a rebound.

“We expect the KLCI to be positive today, taking lead from the US, but remain below its resistance of 1800 points,” it said.

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