KUALA LUMPUR 8 July - FBM KLCI opened lower today following the negative cues from United States (US) equities overnight in view of worries in COVID-19 infections resurgence across the global.
The FBM KLCI fell 5 points or 0.3% to open at 1,562 before being seen at 1,577 as of 9.47am.
Trading Economics noted that basic material stocks, healthcare, and consumer discretionary were among top losers in early trading.
“Market participants took "wait and see mode" ahead of the upcoming earnings session.
“Meantime, gainers were seen for the energy sector, telecommunication, consumer non-cyclicals and industrials,” Trading Economics highlighted.
Yesterday, Bank Negara Malaysia (BNM) warned the economic recovery is uncertain when the central bank reduced overnight policy rate (OPR) to 1.75%, a new record low.
Read : BNM confirmed reducing OPR up to 1.75%
The reduction further weighed the sentiment.
Meanwhile, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz in a strong counterstatement said the reduction of OPR is steered by the ongoing global economic recovery.
“The decision is driven by global economic conditions that are still in the early stages of recovery.
“In the past, Malaysia has demonstrated its resilience in managing various challenges, including the Asian Financial Crisis and the Global Financial Crisis, due to its sound economic fundamentals and robust institutional framework, as well as deep and well-regulated financial and capital markets,” he said. - DagangNews.com
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