Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 26): The main index at Bursa Malaysia retreated in early trade Thurday in line with the pause at regional markets, and ahead of the Budget 2021 vote in Parliament.

At 9.05am, the FBM KLCI dipped 3.05 points to 1,594.53.

The early declinets included Public Bank Bhd, Vivocom Intl Holdings Bhd, Adventa Bhd, Euro Holdings Bhd, Press Metal Aluminium Holdings Bhd, UEM Edgenta Bhd and Greatech Technology Bhd.

Bloomberg said the rally that’s propelled global equities to all-time highs this month showed signs of stalling after disappointing U.S. economic data.

The dollar held losses, it said.

Rakuten Trade in its daily market report said Wall Street retreated as traders took profit ahead of the Thanksgiving holidays.

It said while the Dow Jones Industrial Average dipped 170 points to below the 29,900 level, the tech heavy Nasdaq ended in positive territory hovering near its all-time high.

The research house said that regionally, stock markets are seen to be mixed today following a decent performance of late.

“On the local front, the FBM KLCI is expected to be flattish today with the 1,600 as the immediate resistance despite the positive news on Budget 2021.

“Meanwhile, crude palm oil price (CPO) remains way above the RM3,000/metric ton level and if this remains, the month November will be the strongest yet so far this year for CPO.

“As for rubber gloves, we reckon prices to be volatile dictated by the tug-of-war developments between the vaccine news and surge in Covid cases,” it said.

 

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