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KUALA LUMPUR (Oct 15): Bursa Malaysia’s leading index fell lower in early trading Thursday in line with regional losses, exacerbated by domestic political uncertainties, while Samaiden Group Bhd made a strong market debut ACE of Bursa Malaysia and was both the most active and the highest earner in the first operations.
Yesterday, Umno veteran Tengku Razaleigh Hamzah published a letter expressing support for a vote of no confidence against Prime Minister Tan Sri Muhyiddin Yassin that would be presented in Parliament.
At 9:05 a.m. M., The benchmark FBM KLCI index lost 1.54 points to 1,521.71.
The first to decline were Kuala Lumpur Kepong Bhd, Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Public Bank Bhd, IOI Corp Bhd, Hap Seng Consolidated Bhd, Digi.Com Bhd, and Syarikat Takaful Malaysia Keluarga Bhd.
Samaiden jumped 57 sen to RM1.05 with 39.02 million shares traded.
Bloomberg He said Asian stocks posted modest losses on Thursday as investors weighed earnings reports from big US banks and signs of a stimulus deal ahead of next month’s elections.
The dollar stabilized after an overnight slide, he said.
Rakuten Trade in its daily market report said that US stocks closed lower overall as hopes for an early stimulus package fade, pushing the DJI average 165 points lower to just above the average. 28,500 mark.
“As such, we believe that regional markets will continue to be mixed with some downward bias.
“At the national level, the FBM KLCI, which was quite volatile yesterday, may continue to consolidate on possible new developments on the political front alongside the persistently high Covid-19 cases.
“Therefore, we see that the KLCI FBM will continue to trend within the 1.510-1.530 range without a decisive breakout,” he said.
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