KLCI gets off to subdued start as nation awaits verdict of Najib’s SRC trial, regional markets start muted

TheEdge Tue, Jul 28, 2020 09:16am - 3 years View Original


KUALA LUMPUR (July 28): The FBM KLCI got off to a subdued start ahead of the SRC International Sdn Bhd trial verdict today to be delivered later in the morning, against the backdrop of muted regional markets.

At 9.05am, the bellwether index added 4.85 points to 1,596.33.

The early gainers included United Plantations Bhd, Genting Plantations Bhd, Kuala Lumpur Kepong Bhd, Bursa Malaysia Bhd, Mi Technovation Bhd, Hartalega Holdings Bhd, British American Tobacco (M) Bhd, Petronas Dagangan Bhd, DKSH Holdings (M) Bhd and Frontken Corp Bhd.

Bloomberg said Asian stocks had a muted start Tuesday ahead of a Federal Reserve meeting where policy makers are expected to reinforce their dovish message.

Gold extended gains after hitting an all-time high, while the dollar remained under pressure, it said.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street started the week firmer with investors again became hopeful of more stimulus from the US Government as the Dow Jones Industrial Average gained 115 points to almost the 26,600 mark.

“For today, we expect the regional markets to remain mixed in view of the ongoing tension between China and the US.

“Locally, the FBM KLCI continues to be well supported from domestic buying and is expected to stay solid with the benchmark index seen to oscillate between the 1,590-1,600 range today.

“Meanwhile gold price is set to break the US$2,000/oz level surpassing the previous record in 2011,” it said.

 

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