KLCI falls 0.47% as Petronas and glove maker stocks drag

KLCI falls 0.47% as Petronas and glove maker stocks drag
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KUALA LUMPUR (Dec 2): The main index at Bursa Malaysia fell 0.47% in early trade Wednesday as losses at Petronas-linked stocks and glove makers dragged the KLCI against the backdrop of firmer regional markets.

At 9.05am, the FBM KLCI fell 7.58 points to 1,594.68.

The early decliners included Petronas Gas Bhd, Tenaga Nasional Bhd, Hartalega Holdings Bhd, Nestle (Malaysia) Bhd, Top Glove Corp Bhd, Petronas Chemicals Group Bhd and Axiata Group Bhd.

Bloomberg said Asian stocks edged higher in early trading Wednesday after fresh record highs from their U.S. peers, as a renewal of fiscal spending talks added to optimism over progress on coronavirus vaccines.

The dollar held a slide to a more than two-year low, it said.

Rakuten Trade in its daily market report said sentiments on Wall Street was buoyed by positive developments over the stimulus bill.

It said in fact, major US indices surged to record high before profit taking emerged.

The research house said whilst the S&P 500 closed on a record high, the Dow Jones Industrial Average touched an intra-day record high but eventually closed 185 points higher to just below the 30,000 mark.

“As such we expect regional market to continue climbing following yesterday’s solid performance.

“Domestically, the FBM KLCI is expected to touch 1,610 today with funds shifting towards broader based buying.

“Meanwhile, November is a record month for crude palm oil this year as price averaged firmly above the RM3,400/metric tonne,” it said.