KLCI dips 0.49% as banks weigh, regional markets trade mixed

TheEdge Fri, Oct 30, 2020 09:13am - 3 years View Original


KUALA LUMPUR (Oct 30): The main index at Bursa Malaysia fell 0.49% early on the final trading day of October, dragged by index-linked banking stocks, against the backdrop of mixed regional markets.  

At 9.05am, the FBM KLCI fell 7.31 points to 1,487.89.

The early losers included Fraser & Neave Holdings Bhd, Public Bank Bhd, MISC Bhd, Petronas Chemicals Group Bhd, Malaysia Airports Holdings Bhd, Time Dotcom Bhd, UWC Bhd, Hong Leong Bank Bhd, Jaycorp Bhd and Axiata Group Bhd.

Reuters said Asian markets looked to continue an upward swing on Friday, after a rebound in U.S. equities and strong corporate earnings set the stage.

Australia's ASX 200 climbed 0.14% in early trading, while Hong Kong's Hang Seng index futures were up 0.26%, it said.

Rakuten Trade in its daily market report said U.S. stocks rebounded albeit rather unconvincingly.

It said the Dow Jones Industrial Average jumped 150 points to settle at above the 26,600 level.

“In view of this, we anticipate regional markets to remain mixed.

“As for the local bourse we believe the FBM KLCI to possibly trend around the 1,500 mark with some downside bias.

“Meanwhile, crude oil prices weakened further with the Brent now hovering below the US$38/barrel level.

“However, one can anticipate the plantation sector to attract some buying attention as the crude palm oil continue to climb above the RM3,100/mt,” it said.

 

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