KLCI opens lower as key banking stocks drag

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KUALA LUMPUR (Jan 15): The main index at Bursa Malaysia opened lower Friday as key index-linked banking stocks dragged, against the backdrop of stead regional markets.

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At 9.05am, the FBM KLCI dipped 4.80 points to 1,630.91.

The early decliners included Public Bank Bhd, Malayan Banking Bhd, MISC Bhd, Press Metal Aluminium Holdings Bhd, CIMB Group Bhd, JCY International Bhd, MBM Resources Bhd and Genting Malaysia Bhd.

Bloomberg said stocks in Asia and U.S. equity futures opened steady on Friday with Treasuries as investors scrutinized President-elect Joe Biden’s much anticipated US$1.9 trillion Covid-19 relief plan.

Rakuten Trade said Wall Street retreated as traders stay sidelined awaiting for more details on the latest US relief package.

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It said as such, the Dow Jones Industrial Average declined 69 points to close just below the 31,000 level whilst the Nasdaq also declined to end below its record high.

“We reckon regional markets to be steadier today following the after market unveiling of the US$1.9 trillion stimulus package.

“On the local front, we expect the FBM KLCI to trend higher today potentially challenging the 1,645 level supported by fresh inflow of foreign funds.

“Meanwhile, Brent crude price rebounded to above the US$56/barrel again putting hopes on some trading interests for the Oil & Gas counters again.

“Tech stocks will continue to attract interests and would advise investors to look at the laggards,” it said.-The Edge Market

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