KLCI opens lower in line with lacklustre regional markets

The FBM KLCI opened lower today in line with the lacklustre regional markets and flat overnight close at US markets.

At 9am, the FBM KLCI fell 1.73 points to 1,689.18.

The top decliners included Petronas Gas Bhd, UMW Holdings Bhd, MISC Bhd, Alliance Financial Group Bhd,Maxis Bhd, Astro Malaysia Bhd, Public Bank Bhd, Petronas Chemicals Group Bhd, Malaysia Airports Holdings Bhd and Hartalega Holdings Bhd.

The euro held hefty gains in Asia today after the European Central Bank eased aggressively but suggested it was running out of room to cut interest rates, even if other stimulus options remained.

The muddled message sent European bond yields surging and snuffed out a nascent rally in risk sentiment, leaving Asian share markets at a loss on how to react, it said.

JF Apex Securities Research in a market preview today said US markets closed flat yesterday amid retreat in crude oil prices and concerns about the effectiveness of European Central Bank’s (ECB) monetary policy.

Meanwhile, it said that European markets ended sharply lower following ECB’s comments and a dip in commodity prices.

The research house said the The ECB delivered a surprise package of measures to kickstart Europe's economy by cutting its main interest rates and expanding its massive bond-buying programme.

“However, markets concern that it may run out of easing ammunition should the economy deteriorates.

“Back to local market, the FBM KLCI gained 4.56 points or 0.27% to end at 1690.91 points yesterday.

“The local bourse is expected to succumb to profit taking with our immediate support level at 1675 points, taking cue from the uninspiring performance posted by the overseas markets overnight,” it said. – The Edge Markets, March 11, 2016.