KLCI dips 0.18%, tracks regional losses

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KUALA LUMPUR (Feb 22): The FBM KLCI fell in early trade this morning tracking losses at key regional markets.

At 9.05am, the FBM KLCI fell 3.30 points to 1,854.87.

The top losers included Mercury Industries Bhd, Petronas Dagangan Bhd, Hong Leong Bank Bhd, Petron Malaysia Refining & Marketing Bhd, Malaysian Pacific Industries Bhd, Maxis Bhd, Hong Leong Industries Bhd and Axiata Group Bhd.

Reuters said Asian shares slipped on Thursday as the risk of faster hikes in U.S interest rates lifted short-term Treasury yields to the highest in almost a decade and boosted the dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.35 percent in early trade, while E-Mini futures for the S&P 500 lost 0.2 percent, it said.

JF Apex Securities Research in a market preview said US markets declined overnight after 10-year yield rose to a four-year high as the Federal Reserve's minutes of meeting suggests economic growth and inflation will permit interest rate hikes.

It said that earlier, European stocks ended mixed following quarterly results.

“On the local market, the FBM KLCI added 2.18 points to 1858.17 points.

“Following the mixed performance in the US and Europe, the FBM KLCI is expected to trend sideways above the support of 1840 point,” it said.