Friday 29 Mar 2024
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KUALA LUMPUR (July 27): The FBM KLCI started the week on a tepid note in line with the regional markets, weighed by losses at select blue chips.

At 9.01am, the FBM KLCI fell 9.41 points to 1,711.35.

The top losers included Petronas Gas Bhd, PPB Group Bhd, Kuala Lumpur Kepong Bhd, Hong Leong Bank Bhd, UMW Holdings Bhd, CIMB Group Holdings Bdh and MISC Bhd.

Asian shares began the week on a plaintive note amid losses on Wall Street and worries over China, while investors braced for a Federal Reserve meeting that might take another small step toward lifting U.S. interest rates, according to Reuters.

Japan's Nikkei slipped 0.8 percent in early trade, while MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2 percent, it said.

JF Apex Securities Research in a market preview today said US markets plunged following disappointing corporate earnings and concern on global economic growth.

Similarly, it said European stocks declined in mixed earnings and slump in commodity prices.

“On the local market, the FBM KLCI closed 1.68 points lower at 1720.76 points last Friday after recovering from an intra-day low of 1712.49 points.

“Following the bearish performance in the US and Europe, we expect the KLCI's lackluster performance to continue with support at 1705 points,” it said.

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