KUALA LUMPUR (Nov 28): The FBM KLCI fell 0.31% in early trade this morning, dragged by select heavyweights.

At 9.05am, the FBM KLCI fell 5.30 points to 1,714.56.

The top losers included Panasonic Manufacturing Malaysia Bhd, Bintulu Port Holdings Bhd, UMW Holdings Bhd, Leader Steel Holdings Bhd, IHH Healthcare Bhd, Petronas Gas Bhd, Tenaga Nasional Bhd, Genting Bhd and KESM Industries Bhd.

Asian shares stepped back from decade highs on Tuesday on worries about another sharp sell-off in Chinese stock markets, while the U.S. dollar trod water ahead of a crucial vote for a tax reform in the world's largest economy, according to Reuters.

Investor confidence in China has been dented by rising bond yields as Beijing steps up its crackdown on shadow banking and other riskier forms of financing. Higher borrowing costs threaten to squeeze corporate profits, it said.

JF Apex Securities Research in a market preview said US markets ended mixed overnight with retail counters rising after strong sales over the holiday season and investors waiting for the Senate to vote on tax reform on Thursday.

It said that earlier, European stocks declined as financial and technology counters led the selldown.

“On the local market, the FBM KLCI gained 2.63 points to 1719.86 points following a last minute surge.

“Following the recent lacklustre performance, the FBM KLCI is expected to remain pressured towards the support of 1700 points,” it said.