KLCI dips as local investors remain wary

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KUALA LUMPUR (May 29): The FBM KLCI fell in early trade today, weighed by losses at select blue chips as local sentiment remained wary despite the slight uptrend at mosr regional markets.

At 9am, the FBM KLCI fell 4.21 poins to 1,751.35.

The early losers included Petronas Chemicals Group Bhd, Hong Leong Industries Bhd, Cahya Mata Sarawak Bhd, V.S. Industry Bhd, Lafarge Malaysia Bhd, Public Bank Bhd, IQ Group Bhd, Tenaga Nasional Bhd and Genting Plantations Bhd.

Asian stocks were modestly higher early on Friday with investors on edge ahead of opening trade in China's markets which plunged the previous day, while the dollar took a breather from a sharp run up this week, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent after shedding more than 1 percent on Thursday. South Korean share gained 0.2 percent and Australian stocks rose 1 percent. Japan's Nikkei was flat, it said.

JF Apex Securities Research in a market preview today said US markets closed lower following decline in transportation stocks and rising doubt on Greece's debt situation. Similarly, European stocks declined due to uncertainty on Greece's agreement with its creditors.

“Back home, the FBM KLCI ended flat after adding 0.51 points to 1755.56 points.

“Following the negative performance of global markets due to Greece, we expect the KLCI to remain lackluster with immediate support at 1747 points,” it said