KUALA LUMPUR (June 8): The FBM KLCI fell 10.37 points or 0.6% on profit taking and as Asian share markets dropped on expectation that the US will raise interest rates next week.

At 12.30pm, the KLCI settled at 1,775.44 after the index rose 8.68 points to 1,785.81 yesterday. On Wednesday (June 6), the KLCI climbed 21.99 points.

Today, Hong Leong Investment Bank Bhd wrote in a note: "On the local front, we expect the FBM KLCI to trade on a higher note led by potential 1H window-dressing activities, but profit taking could emerge on the broader market after the relief rebound over the past four trading days."

"Nevertheless, we opine that investors are still digesting reform plans by the Pakatan Harapan-led government to fine tune their investment strategies moving forward in the 2H18 and could trade sideways over the mid-term," Hong Leong said.

Today, Malaysian shares fell with Asian markets on expectation that the US will raise interest rates next week. Reuters reported that Southeast Asian stock markets fell on Friday on heightened caution ahead of a key meeting of global leaders and amid expectations that the Federal Reserve will raise US interest rates next week.

"Singapore shares were down as much as 0.6%, weighed down by bank stocks. Philippine stocks fell as much as 1.1%, after a three-day winning run," Reuters reported.