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KLCI slides at the open as uncertainty over Turkey continues

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  • KLCI slides at the open as uncertainty over Turkey continues

    KUALA LUMPUR: Asian markets opened to red again on Thursday as Turkey's fiscal troubles continued to raise investor concerns over emerging markets.

    This was compounded by a decline in technology stocks overnight on Wall Street as Tencent's US-based shares led the sector lower.

    Japan's Nikkei slipped to a loss of 1.1% in early morning trade, hot on the heels of pullbacks in all major US and European indices.

    At 9.05am, the FBM KLCI was down 4.46 points to 1,781.48. Trading volume was 136.07 million shares valued at RM50.39mil. There were 76 gainers versus 223 decliners and 184 counters unchanged.

    Stocks on the backfoot in early trade included Petronas Gas, which lost 14 sen to RM18.52. Public Bank dropped six sen to RM24.42 while Hong Leong Bank lost eight sen to RM19.10.

    Meanwhile, IHH declined eight sen to RM5.38 and Tenaga slid eight sen to RM15.74.

    Counters leading gains included BAT, which rose 10 sen to RM26.10, HSS Engineers, which climbed 3.5 sen to 97 sen and Uchi Technologies, which added three sen to RM3.18.

    Oil prices continued to slide on worries that softer global economic growth was derailing demand. WTI crude fell 33 cents to US$64.60 a barrel while Brent crude slipped nine cents to US$70.67 a barrel.

    The ringgit, which lost 0.2% against the greenback in the previous session looked set for a further slide. At the time of writing, it was little changed at 4.1048 against the US dollar.