KUALA LUMPUR: A disappointing overnight close on Wall Street saw high flying glove makers retreat in early Wednesday, led by the world’s biggest glove manufacturer Top Glove.
At 9.09am, the FBM KLCI was down 7.71 points to 1,557.03. Turnover was 1.73 billion shares valued at RM503.75mil. The broader market was weak with 440 losers to 150 gainers and 267 counters unchanged.
The overnight fall on Wall Street was after sentiment turned sour in the final hours of trading after Senate Republican leader Mitch McConnell indicated on Fox News that there had been no talks between the White House and Democrats on fiscal stimulus plans, Stephen Innes, global chief market strategist at AxiCorp said.
Oil followed stocks lower, but the real pain trade was gold, which fell sharply, down 3.9%, while US 10-year Treasury yields lifted 7bps to 0.64%.
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