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KUALA LUMPUR (Sep 8): FBM KLCI fell lower in early trading Tuesday as select index-linked stocks including Top Glove Corp Bhd trailed amid modest gains in regional markets .
At 9.05am, the benchmark index fell 3.16 points to 1,513.20.
The first to decline were Top Glove Corp Bhd, Petronas Gas Bhd, Supermax Corp Bhd, Panasonic Manufacturing Malaysia Bhd, Choo Bee Metal Industries Bhd, Kossan Rubber Industries Bhd, Malaysia Airports Holdings Bhd and Globetronics Technology Bhd.
Bloomberg He said Asian stocks followed their European peers higher on Tuesday, ignoring concerns about the selloff of US tech stocks and new tensions between China and the United States.
The pound held losses on concerns the UK is approaching a no-deal Brexit, it said.
Rakuten Trade Sdn Bhd in its daily market report said that the US markets were closed for Labor Day yesterday.
At the time of writing this article, he said that the Dow Futures was up 260 points, which should be a positive sign for the regional markets today.
“Although we expect the local stock market to rebound, overall sentiment may have been slightly affected by the strong sell-off of small cap stocks yesterday.
“Therefore, we believe that investors should be cautious, possibly looking to accumulate in weakness. As for the KLCI FBM, we believe it will remain in the 1,510 / 20 range again, ”he said.
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