KLCI gets off to listless start, falls 0.68% in line with regional decline

KLCI gets off to listless start, falls 0.68% in line with regional decline
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KUALA LUMPUR (Jan 18): The main index at Bursa Malaysia got off to a listless start, tracking losses at regional markets and fell 0.68% as key index-linked stocks dragged.

At 9.05am, the FBM KLCI lost 10.94 points to 1,616.07.

The early decliners included Nestle (M) Bhd, Public Bank Bhd, Hong Leong Bank Bhd (HLB), Petronas Chemicals Group Bhd, Euro Holdings Bhd, Heineken Malaysia Bhd, AEON Credit Service (M) Bhd, Hengyuan Refining Company Bhd and Petronas Gas Bhd.

Bloomberg said stocks declined in Asia along with US equity futures as investors greeted the week with a lack of risk appetite and traders looked ahead to data on the progress in China’s economic recovery.

The dollar edged up, it said.

Rakuten Trade said intensifying lockdowns and weak US economic data have had pushed Wall Street lower as funds shifted to US Treasuries.

Thus, it said the Dow Jones Industrial Average lost 177 points lower at just above the 30,800 level while the Nasdaq closed below the 13,000 mark.

“Therefore, we would expect regional markets to remain mixed today.

“On the local front, we believe the FBM KLCI to be listless today from the lack of clear catalysts hence expect the index to trend possibly within a narrow range of between 1,620/30 levels.

“We would be buyers if the benchmark index dips below the 1,600 level.

“Meanwhile, we reckon logistics companies to be on investors radar soon as we reckon these companies to benefit substantially from the new norm of shopping and storage,” it said.