KLCI sags 0.55% in line with regional fall

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KUALA LUMPUR (Sept 5): The FBM KLCI sagged in early trade this morning, tracking the fall at most regional markets.

At 9.05am, the FBM KLCI lost 9.88 points to 1,803.27.

The losers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Public Bank Bhd, Axiata Group Bhd, Aeon Credit Service (M) Bhd, Petronas Gas Bhd, Digi.Com Bhd, Ibraco Bhd and Tenaga Nasional Bhd.

Asian stocks tracked their global peers lower while the safe-haven dollar was broadly higher on Wednesday as worries over persistent trade conflicts curbed investor appetite for riskier assets, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent, it said.

JF Apex Securities Research in a market preview said US markets declined overnight following concerns of trade tension between the US against China and Canada.

It said that similarly, European stocks dropped on ongoing fears of global trade war and economic crisis in Argentina and Turkey.

“On the local market, the FBM KLCI ended flat after shedding 0.82 points to 1812.76 points.

“Following the bearish performance in the US and Europe, the FBM KLCI is expected to remain pressured and trend lower towards the support of 1800 points,” it said.