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KLCI gets off to muted start as select blue chips retreat

TheEdge Mon, Jan 20, 2020 09:13am - 2 months ago

KUALA LUMPUR (Jan 20 ): The FBM KLCI got off to a muted start in early trade Monday and slipped as select index-linked stocks retreated.

At 9.05am, the FBM KLCI  fell 1.37 points to 1,594.44.

The early losers included Nestle (M) Bhd, Genting Plantations Bhd, Hong Leong Industries Bhd, Axiata Group Bhd, Apex Healthcare Bhd, Public Bank Bhd, Sarawak Oil Palms Bhd and Guan Chong Bhd.

Reuters reported Asian shares neared a 20-month top on Monday as Wall Street extended its run of record peaks on solid U.S. economic data and lashes of liquidity from the Federal Reserve.

Oil prices jumped as oilfields in southwest Libya began shutting down after forces loyal to Khalifa Haftar closed a pipeline, potentially reducing national output to a fraction of its normal level, it said.

JF Apex Securities Research said US markets climbed on Friday to record high levels following strong economic data and quarterly results.

It said that similarly, European stocks advanced after China's GDP came in within expectation.

“On the local market, the FBM KLCI rose 7.93 points to 1595.81 points.

“Following the bullish performances in the US and Europe, the FBM KLCI could extend its rebound towards the resistance of 1,615 points,” it said.

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