KUALA LUMPUR (Dec 20): The FBM KLCI extended its losses in early trade this morning as sentiment remained nervy at the local bourse.

At 9.05am, the FBM KLCI dipped 0.80 points to 1,736.15.

The early decliners included British American Tobacco (M) Bhd, Hengyuan Refining Company Bhd, Petron Malaysia Refining & Marketing Bhd, Chemical Company of Malaysia Bhd, Heineken Malaysia Bhd, IHH Healthcare Bhd, Aeon Credit Service (M) Bhd and Favelle Favco Bhd.

JF Apex Securities Research in a market preview said US markets declined from record highs as investors took profit with the expectation that the tax reform will be approved by this week.

It said that earlier, European stocks also dropped in tandem with Wall Street despite optimism on US tax reform.

“On the local bourse, the FBM KLCI plunged 14.69 points to 1736.95 points on foreign selling.

“Following the decline, the index could retest its support of 1730 points,” it said.