KLCI off to subdued start in line with softer regional markets

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KUALA LUMPUR (May 3): The FBM KLCI fell in early trade this morning in line with subdued regional markets.

At 9.05am, the FBM KLCI dipped 1.44 points to 1,850.59.

The early losers included Petronas Gas Bhd, Fraser & Neave Holdings Bhd, Ibraco Bhd, Hong Leong Bank Bhd, KESM Industries Bhd, UMW Holdings Bhd, Kuala Lumpur Kepong Bhd, Top Glove Corp Bhd, Public Bank Bhd and MISC Bhd.

Asian shares were subdued on Thursday ahead of anxiously-awaited Sino-U.S. trade talks, while the U.S. dollar consolidated recent bumper gains after the Federal Reserve reaffirmed the outlook for more rate hikes this year, according to Reuters.

Reports the Trump administration is considering executive action to restrict some Chinese companies' ability to sell telecoms equipment in the United States could unsettle investors, it said.

JF Apex Securities Research in a market preview said US Stocks closed lower on Wednesday after Federal Reserve's latest monetary policy announcement hinted at higher inflation ahead.

It said that meanwhile, European stocks ended higher with shares of chipmakers rallied after Apple reported strong quarterly results.

“The FBM KLCI shed 18.34 points or 0.98% yesterday to end at 1852.03 points on foreign selling.

“The local benchmark index may come under pressure today as investors focus on Fed’s latest statement and await the outcome of US-China trade talks ahead,” it said.