Friday 29 Mar 2024
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KUALA LUMPUR (June 18): The FBM KLCI got off to a subdued start today as key blue chips weighed on the local bourse as investors remained cautious despite the uptick at mosr regional markets.

At 9am, the FBM KLCI shed 1.58 points to 1,725.28.

The early decliners included Heveaboard Bhd, Kuala Lumpur Kepong Bhd, Public Bank Bhd, Hong leong Bank Bhd, Gening Bhd, Hong Leong Financial Group Bhd, Berjaya Sports Toto Bhd, Genting Plantations Bhd, Tenaga Nasional Bhd and Axiata Group Bhd.

Asian equities rose early on Thursday after the Federal Reserve sounded more dovish than many had expected and led investors to push back their expected timing of a rate hike, while the dollar was put on the defensive on the same token, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.3 percent. South Korea's Kospi rose 0.7 percent, while Japan's Nikkei dipped 0.1 percent on the yen's gains against the dollar, it said.

JF Apex Securities Research in a market preview today said that US markets ended higher following the Federal Reserve decision to maintain interest rate and chairperson Janet Yellen's comment.

Meanwhile, it said European stocks closed lower as investors expect the European Central Bank meeting to review its emergency liquidity assistance to Greece.

“On the local market, the FBM KLCI gained 4.62 points to 1726.86 points after staging a rebound.

“Investor sentiment is expected to remain cautious ahead of economic data announced later today such as China's home price index and Indonesia's interest rate decision.

“We expect the FBM KLCI to hover around the support of 1720 points,” it said.

 

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