KUALA LUMPUR (July 8): The FBM KLCI opened down today on profit taking and after US equity indices closed lower in Tuesday overnight trades on rising global Covid-19 infections concerns.

At Bursa Malaysia today, the KLCI fell 2.04 points to 1,564.68 at 9:01am. At 9:04am, the KLCI dropped 0.55 point to 1,566.17.

"Wall Street experienced a pull-back citing fears of the rising coronavirus cases in the US. The Dow Jones Industrial Average lost almost 400 points to close below the 26,000 level. Therefore, we reckon regional markets may see some form of correction today.

"On the local front, we expect profit taking to continue following the robust performance over the past week. As such we expect the KLCI to take a breather again today and trend on a narrow range of between 1,555/1,565 range,” Rakuten Trade Sdn Bhd analysts wrote in a note today.

Overnight, it was reported that US stocks fell on Tuesday, adding to losses into the close, as investors took profits a day after the S&P 500 logged its longest streak of gains this year and as new US coronavirus cases rose further. "Large parts of the US reported tens of thousands of new coronavirus infections. New York expanded its travel quarantine for visitors from three more states, while Florida's greater Miami area rolled back its reopening,” Reuters reported.