KUALA LUMPUR (Aug 24): The FBM KLCI dipped in early trade this morning, in line with the consolidation at most regional markets, weighed by losses at select blue chips.

At 9am, the FBM KLCI shed 3.30 points to 1,679.77.

The early decliners included Dutch Lady Milk Industries Bhd, Hong Leong Financial Group Bhd, PPB Group Bhd, AirAsia Bhd, Oriental Holdings Bhd, MSM Malaysia Holdings Bhd, Lafarge Malaysia Bhd, Public Bank Bhd and AirAsia X Bhd.

Asian stocks consolidated a recent run of gains on Wednesday, helped by Wall Street's rise overnight, even as oil prices slid on trade data showing a surprise build-up in U.S. crude stocks, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 percent in early trades. It has risen more than 14 percent since late June to hit a 1-year high last week, it said.

JF Apex Securities Research in a market preview today said US markets climbed overnight led by materials counters as investors await Federal Reserve Chair Janet Yellen's speech on Friday.

It said that similarly, European stocks gained after encouraging PMI data lifted banks and miners.

“On the local market, the FBM KLCI lost 8 points to 1683.07 points.
“Following the bullish performance in the US and Europe, the FBM KLCI could rebound today and climb towards its resistance of 1705 points,” it said.