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Market Open KLCI opens lower, select blue chips weigh
by Cals Tue 29 Mar 2016, 04:43
- Market Open
[size=28]KLCI opens lower, select blue chips weigh
By Surin Murugiah / theedgemarkets.com | March 28, 2016 : 9:23 AM MYTKUALA LUMPUR (March 28): The FBM KLCI opened lower this morning, extending its consolidation phase, weighed by select blue chips.
At 9am, the FBM KLCI opened 1.5 points lower at 1,702.29.
The top losers included Petronas Dagangan Bhd, British American Tobacco (M) Bhd, Genting Bhd, IHH Healthcare Bhd, Unisem (M) Bhd, Fiamma Holdings Bhd, YSP Southeast Asia Bhd, IOI Corporation Bhd, NTPM Holdings Bhd, Sunway Construction Group Bhd and Maxis Bhd.
The dollar remained firm and Asian stocks edged higher on Monday after fairly strong consumer spending led to an upward revision in US economic growth in the fourth quarter, helping to underpin investor sentiment, according toReuters.
"As long as the US economic recovery is continuing, I would think the rally in global equity markets will continue," said Mizuho Trust Bank chief strategist Takeru Ogihara.
JF Apex Securities Research in a market preview today said US and European markets were closed on Friday for Good Friday and Easter holidays.
"On the local market, the FBM KLCI tumbled 11.74 points to 1,703.79 points.
"Despite Friday's correction, the FBM KLCI remains in the uptrend and is expected to consolidate above the psychological level of 1,700 points," it said.
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