KLCI dips in early trade on lack of catalysts

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KUALA LUMPUR (May 21): The FBM KLCI fell in early trade today, weighed by losses including at banking giant CIMB Group Holdings Bhd while regional markets treaded water.

At 9.02am, the FBM KLCI fell 0.17 points to 1,809.94.

The top losers included CIMB, MISC Bhd, Vitrox Corporation Bhd, Time Dotcom Bhd, KSL Holdings Bhd, Affin Holdings Bhd, Berjaya Sports Toto Bhd, Genting Malaysia Bhd, Dayang Enterprise Holdings Bhd, Malakoff Corporation Bhd and Parkson Group Holdings Bhd.

Asian stocks treaded water early on Thursday, with overnight Wall Street losses acting as a drag, while the dollar held to broad gains after minutes from the Federal Reserve's April minutes contained no major surprises, according to Reuters.

The closely-watched Fed meeting minutes showed many officials saw it as premature to hike interest rates in June, which did not take the markets by surprise, it said.

JF Apex Securities Research in a market preview today said US markets ended mixed after coming off record highs as the Federal Reserve meeting minutes reinforce investor expectation of a rate hike in the second half of the year.

Meanwhile, it said European stocks closed higher with slight pressure from concern on Greece.

“On the local market, the FBMKLCI closed flat after adding 0.39 points to 1810.11 points.

“We expect the benchmark index to remain sideways below the resistance of 1830 points due to lack of positive catalyst. Asian markets will be eyeing China's PMI data later this morning to gauge market direction,” it said.