KUALA LUMPUR (March 3): The FBM KLCI closed 7.29 points or 0.42% lower at 1,708.38 as investors took profits after yesterday's big gains.

An analyst said the bullish sentiments yesterday, which saw the KLCI jumping 17.98 points, reflected an overreaction to US President Donald Trump's speech to Congress.

The KLCI's lower close today is also in line with the regional markets' performance, said Areca Capital Sdn Bhd chief executive officer Danny Wong.

Reuters reported that Japanese stocks fell today on profit taking ahead of the weekend, after hitting a 14-month high yesterday on rising expectations for a US interest rate hike this month.

It added that analysts claimed many investors were on the sidelines awaiting a speech by Federal Reserve Chair Janet Yellen later today, which could provide the strongest indication yet about an interest rate move in coming weeks.

The Fed's next policy-setting meeting is set for March 14–15.

The Nikkei fell 0.49% to 19,469.17, while Hong Kong's Hang Seng index dropped 0.74% to 23,552.72, reflecting the regional performance post-Trump speech.

Bursa Malaysia saw 3.41 billion shares valued at RM2.63 billion changing hands today. Losers outnumbered gainers 508 to 407.

Dagang Nexchange Bhd was the most active counter, while the top gainers included Iskandar Waterfront City Bhd, United Plantations Bhd and Affin Holdings Bhd.

The losers were led by British American Tobacco (M) Bhd, AEON Credit Service (M) Bhd and PPB Group Bhd.