Wednesday 24 Apr 2024
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KUALA LUMPUR (Nov 9): The FBM KLCI stuttered at mid-morning and reversed its earlier gains as Republican candidate Donald Trump took an early lead against Democrat Hillary Clinton, causing jitters across regional markets.

At 10.04am, the FBM KLCI fell 4.15 points to 1,659.67. The index had earlier risen to a high of 1,665.36.

The top losers included Chin Teck Plantations Bhd, British American Tobacco (M) Bhd, Tien Wah Press Holdings Bhd, Genting Bhd, Hai-O Enterprise Bhd, KESM Industries Bhd and Malayan Banking Bhd.

The actives included Vivocom Intl Holdings Bhd, RGB International Bhd, Ekovest Bhd, Hibiscus Petroleum Bhd and AirAsia X Bhd.

The gainers included SAM Engineering and Equipment Bhd, Far East Holdings Bhd, Hong Leong Industries Bhd, Perusahaan Saduri Timah Malaysia (Perstima) Bhd, Petronas Dagangan Bhd and Ekovest.

Asian markets were on tenterhooks on Wednesday as early state exit polls in the U.S. presidential election showed wins for both candidates and no clear trend as yet, causing an immediate shift back to safe haven assets, according to Reuters.

Equities were still generally firmer, with U.S. stock futures up 0.3 percent in choppy trade, but the dollar slipped on the yen and euro as investors hedged against the risk of a shock win by Republican Donald Trump, it said.

Hong Leong IB Research said that today, the FBM KLCI’s direction is likely to be determined by the outcome of the US presidential election, with indications that Clinton is having a marginal edge against Trump in the early polls.

“Should the outcome favour Clinton, we may see the FBM KLCI to stage further relief rally to retest 1684-1700 territory.

“On the contrary, a Trump’s upset may witness frenzy selloff towards 1600-1622 zones,” it said.

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