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KLCI dips 0.29% as Genting, Axiata drag in line with regional slip

TheEdge Mon, Jul 08, 2019 09:12am - 11 months ago

KUALA LUMPUR (July 8): The FBM KLCI slipped in early trade this morning, tracking regional markets, dragged by losses including at Genting Bhd and Axiata Group Bhd.

At 9.05am, the FBM KLCI fell 4.80 points to 1,677.73.

The top losers included Genting, IHH Healthcare Bhd, Kim Hin Joo Bhd, Malaysian Pacific Industries Bhd, Amway Holdings (M) Bhd, Westports Holdings Bhd, Axiata Group Bhd, Gamuda Bhd, Gopeng Bhd and Revenue Group Bhd.

Asian shares slipped on Monday as investors wagered on a less aggressive policy easing in the United States, while the Turkish lira held near two-week lows after the country's president dismissed its central bank governor over the weekend, according to Reuters.

Global equities have generally been bolstered by expectations that central banks will keep interest rates at or near record lows to boost economic growth, it said.

CIMB Retail Research said the FBMKLCI was up 10.4 points or 0.6% week-on-week after the US and China’s presidents reached a trade truce and agreed to resume trade talks following the G-20 meeting.

It said the local bourse may remain choppy today following the stronger-than-expected US nonfarm payrolls report, which would decrease bets that the Fed will cut interest rates at the monetary policy meeting in July.

“This week, the index could potentially hover around the 200-day EMA ahead of the keenly watched minutes from the Fed and ECB policy meetings on 11th July.

“Resistance: 1,700 & 1,707. Support: 1,682 & 1,671,” it said.

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