KLCI opens lower as key banking stocks drag

KLCI opens lower as key banking stocks drag
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KUALA LUMPUR (Jan 15): The main index of Bursa Malaysia opened lower today as key index-linked banking stocks dragged against a backdrop of steady regional markets.

At 9.05am, the FBM KLCI had dipped 4.80 points to 1,630.91.

The early decliners included Public Bank Bhd, Malayan Banking Bhd (Maybank), MISC Bhd, Press Metal Aluminium Holdings Bhd, CIMB Group Holdings Bhd, JCY International Bhd, MBM Resources Bhd and Genting Malaysia Bhd.

Bloomberg said stocks in Asia and US equity futures opened steady today with Treasuries as investors scrutinised President-elect Joe Biden’s much anticipated US$1.9 trillion (RM7.67 trillion) Covid-19 relief plan.

Rakuten Trade said Wall Street retreated as traders stay sidelined awaiting more details of the latest US relief package.

It said as such, the Dow Jones Industrial Average declined 69 points to close just below the 31,000 level, while the Nasdaq also declined to end below its record high.

“We reckon regional markets to be steadier today following the after-market unveiling of the US$1.9 trillion stimulus package.

“On the local front, we expect the KLCI to trend higher today, potentially challenging the 1,645 level, supported by a fresh inflow of foreign funds.

“Meanwhile, the Brent crude price rebounded to above US$56/barrel again, putting hopes on some trading interest in oil and gas (O&G) counters again.

“Tech stocks will continue to attract interests and would advise investors to look at the laggards,” it said.