Thursday 28 Mar 2024
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KUALA LUMPUR (March 9): The FBM KLCI fell sharply in early trade on Monday in line with regional markets.

At 9.27am, the FBM KLCI was down 23.36 pt to 1,783.60.

Losers beat gainers by 282 to 113, while 179 counters traded unchanged. Volume was 289.90 million shares valued at RM145.03 million

Asian stocks buckled while the dollar held firm in early Monday trade after strong U.S. jobs data fanned expectations that the U.S. Federal Reserve may raise interest rates sooner than previously thought, according to Reuters.

Japan's Nikkei fell 0.7 percent while MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent, it said.

BIMB Securities Research in its market preview Monday said Asian markets were quite mixed last Friday as investors were still accumulating on the ECB bond buying programme amid some profit taking activities.

“Locally, the FBM KLCI was flat at 1,806.96 or up a mere 0.87 point.

“Buying from local institutions remained apparent as last Friday saw a further net foreign outflow of RM244.2 million.

“We expect market to tread cautiously today within the 1,800/10 range,” it said.

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