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KUALA LUMPUR (Sept. 11): The KLCI FBM declined early Friday, following losses in regional markets following the overnight slide on Wall Street.
At 9:05 a.m., the benchmark index fell 11.77 points to 1,478.35.
The main losers were Petronas Gas Bhd, Frontken Corp Bhd, Petronas Dagangan Bhd, Top Glove Corp Bhd, Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, JF Technology Bhd, Supermax Corp Bhd and QL Resources Bhd.
Bloomberg He said Asian stocks were headed for a second week of losses as a new selloff in US megacap technology stocks highlighted lingering concern over valuations in certain market sectors.
Treasuries and the dollar were stable, he said.
Rakuten Trade Sdn Bhd in its daily market report said that US markets continue to be volatile as it tries to recover from the sell off from a positive start, but closed lower.
He said regional markets are likely to follow suit and see weakness.
“In our local market, the FBM KLCI support level is now at 1480.
Glove stocks that have seen strong selling pressure of late are likely to see a technical rally.
“Therefore, investors can take some position to play rebound,” he said.
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