KUALA LUMPUR (Nov 20): The primary index at Bursa Malaysia drifted decrease early Friday, monitoring muted regional markets as U.S. futures slid in Asian buying and selling.
At 9.05am, the FBM KLCI shed 2.26 factors to 1,581.40.
The early decliners included Public Banking Bhd, Pharmaniaga Bhd, Tenaga Nasional Bhd, Hong Leong Monetary Group Bhd, Malayan Banking Bhd, LBI Capital Bhd and Hong Leong Capital Bhd.
Bloomberg mentioned U.S. futures slid in Asian buying and selling Friday after a conflict between Treasury Secretary Steven Mnuchin and the Federal Reserve on its emergency lending amenities.
Asian shares regarded set for a muted open, it mentioned.
Inter-Pacific Analysis Sdn Bhd in its day by day bulletin mentioned though it anticipated the market’s retreat, the pullback was extra severe-than-expected because the promoting/revenue taking actions escalated in direction of the tip of yesterday’s session to depart the important thing index at its intraday low.
Nonetheless, it mentioned with market situations nonetheless toppish, there stays draw back strain over the near-term that might lengthen the consolidation spell for a 3rd session and to finish the week on a decrease word.
“We expect that there may bouts of help to ease a number of the draw back strain and this will cushion the important thing index’s pullback to the 1,560-1,570 ranges in the meanwhile.
“ If the promoting escalates additional, nonetheless, then the important thing help of 1,550 factors will come into play.
“However, the resistances are at 1,590 and the psychological 1,600 factors respectively,” it mentioned.