KUALA LUMPUR (May 6): The FBM KLCI retreated in early trade today in line with mosr regional markets as profit taking halted uiptrend at the local bourse.

At 9am, the FBM KLCI fell 3.21 points to 1,824.21.

The top losers included Time Dotcom Bhd, Homeritz Holdings Bhd, Fraser & Neave Holdings Bhd, UMW Holdings Bhd, Telekom Malaysia Bhd, Sapurakenca Petrotreum Bhd, UMW Oil & Gas Corporation Bhd, Unisem (M) Bhd, Press Metal Bhd and MMC Corporation Bhd.

Asian stocks stumbled on Wednesday in sympathy with weak U.S. and European markets as equities investors were spooked by a vicious selloff in sovereign bonds globally, according to Reuters.

The sudden spike in bond yields is being mirrored by an equally rapid rally in resources to suggest investors are becoming less concerned about the danger of deflation, it said.

JF Apex Securities Research in a market preview today said that US markets declined steeply as investors focused in higher bond yields and mixed economic data including perceived lower 1Q GDP.

Similarly, it said European stocks fell sharply due to following renewed concerns on Greece.

“Back home, the FBM KLCI rose 9.15 points to 1827.42 points after staging a last-minute rebound.

“Following the bearish performance in the US and Europe, we expect the FBM KLCI to consolidate and hover above the 200-day moving average of 1820 points,” it said.