Petronas-linked stocks, blue chips drag KLCI lower

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KUALA LUMPUR (Jan 27): The FBM KLCI fell in early trade on Tuesday, extending its loss as Petronas-linked stocks and other blue chips including Tenaga Nasional and Axiata Group Bhd dragged the index lower.

At 9am, the FBM KLCI fell 6.48 points to 1,789.96.

The top losers included Hong Leong Financial Group Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, PPB Group Bhd, Petronas Dagangan Bhd, MISC Bhd, Sime Darby Bhd, Axiata Group Bhd, Petronas Chemicals Group Bhd, IOI Corporation Bhd and Tenaga Nasional Bhd.

Asian shares moved higher on Tuesday and the euro clung to rare gains, relieved that European markets had weathered Greece's election outcome without much disruption, according to Reuters.

Bad weather in the United States curbed activity on Wall Street in a busy week for earnings, while investors had reason for caution as the Federal Reserve holds its first policy meeting of the year, it said.

JF Apex Securities Research in a market preview Tuesday said US stocks finished modestly ahead overnight after the first weekly gain for equities in 2015, as investors mulled results from Greek elections and winter weather on the East Coast.

Meanwhile, it said European markets also closed higher despite opening the session lower, as investors digested news that anti-austerity party Syriza won a general election in Greece on Sunday.

“On the local market, the FBM KLCI lost 6.64 points to 1796.44 points as investors took profit from last week's rally.

“Asian shares are set for a positive trading session today after a relatively inspiring handover from Wall Street overnight.

“We expect the FBM KLCI to consolidate below the resistance of 1830 points,” it said.