KLCI drifts lower as select index-linked stocks weigh ahead of holiday closure, regional markets eke modest gains

KUALA LUMPUR (July 30): The FBM KLCI drifted lower on the final trading day in July, due to the public holiday on Friday in conjunction with Hari Raya Aidiladha, on the back of losses at select index-linked stocks while regional markets made modest gains.

At 9.06am, the bellwether index dipped 1.12 points to 1,610.30.

The decliners included Bursa Malaysia Bhd, Petronas Chemicals Group Bhd, Pineapple Resources Bhd, Malaysia Airports Holdings Bhd, Teck Guan Perdana Bhd and IOI Corp Bhd.

Bloomberg said Asian stocks saw modest gains Thursday after a signal from the Federal Reserve that more stimulus will be provided pushed U.S. equities higher and weighed on the dollar.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street ended higher as the Feds has pledged to continue assisting the economy depending on the course of the pandemic in the US.

It said as a result, the Dow Jones Industrial Average gained 160 points to close above the 26,500 level on some late buying activities.

“Hence, we reckon regional markets to be broadly higher today following a few days of consolidation.

“On the local front, we expect the FBM KLCI to test another year high today after some solid buying support yesterday.

“The benchmark index is seen to test the 1,620-mark following a late rebound due to domestic buying support,” it said.

Source: TheEdgeMarkets