KLCI gets off to muted start in line with mixed regional markets ahead of China economic data

TheEdge Thu, Jul 16, 2020 09:13am - 3 years View Original


KUALA LUMPUR (July 16): The FBM KLCI got off to a muted start on Thursday, tracking the mixed regional markets ahead of economic data to be released in China.

At 9.05am, the bellwether index added 0.86 points to 1,586.42.

The early gainers included Nestle (M) Bhd, Supermax Corp Bhd-C99, Pentamaster Corp Bhd, Top Glove Corp Bhd, KESM Industries Bhd, Bintulu Port Holdings Bhd, Duopharma Biotech Bhd, Pharmaniaga Holdings Bhd, Euro Holdings Bhd and Dufu Technology Bhd.

Bloomberg said Asian stocks began Thursday in a mixed fashion ahead of a slew of economic data in China that will provide clues on the path of economic recovery from the pandemic.

The dollar kept its decline, it said.

Rakuten Trade Sdn Bhd in its daily market report said buying momentum continued on Wall Street on hopes of Covid-19 vaccine as the Dow Jones Industrial Average topped 27,000 during the early session before profit taking emerged.

Nonetheless, it said the index closed at 26,870 or 230 points higher.

“Meanwhile regional markets are expected to be mixed today as consolidation is set to persist.

“Locally the FBM KLCI may see some selling pressure as profit taking on rubber glove companies may continue.

“However, we expect buying support to emerge and see the index trending around the 1,580/90 range today,”it said.

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