KLCI loses 0.82% in line with regional markets drop

KLCI loses 0.82% in line with regional markets drop

KUALA LUMPUR: The FBM KLCI lost 0.82% in early trade this morning, in tandem with the decline at regional markets.

At 9.10am, the FBM KLCI fell 13.11 points to 1,601.94.

The early decliners included Public Bank Bhd, Petronas Dagangan Bhd, Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, Heineken Malaysia Bhd, PPB Group Bhd, Petronas Gas Bhd, Malaysia Airports Holdings Bhd and Petronas Chemicals Group Bhd.

Asian shares fell on Tuesday as fears about a drawn out Sino-U.S. trade war, protests in Hong Kong and a crash in Argentina’s peso currency drove investors to safe harbours like bonds, gold, and the yen, according to Reuters.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.26% while Japan’s Nikkei tumbled 1.28%, it said.

CGS-CIMB Retail Research said the local benchmark was down 11.7 points week-on-week to end last week at 1,615.05, as the protracted US-China trade dispute weighed on the global investors sentiment.

It said another global recession warning sign just popped up all over as 3 Central banks in India, Thailand and New Zealand decided to cut rates last week amid fears of worsening trade tensions.

“With the August reporting month looming, the index is expected to trade in a range bound mode this week.

“Moreover, it is possible to count the rebound from 1,588 complete at last Friday’s high, coupled with the overnight Wall Street slump; further selling may take place today.

“Resistance: 1,620 & 1,640. Support: 1,600 & 1,572,” it said.

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