KLCI dips as overnight fall at Wall St weighs

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KUALA LUMPUR (Feb 21): The FBM KLCI dipped in early trade today as shares at Bursa Malaysia came under selling pressure in line with the retreat at most regional markets.

At 9.05am, the FBM KLCI fell 3.33 points to 1,852.66.

The top losers included Dutch Lady Milk Industries Bhd, Fraser & Neave Holdings Bhd, Kossan Rubber Industries Bhd, AMMB Holdings Bhd, Top Glove Corp Bhd, CIMB Group Holdings Bdh, Ajinomoto (M) Bhd, ViTrox Corp Bhd, Gabungan AQRS Bhd and Favelle Favco Bhd.

Stock markets dipped after a long winning run on Wall Street ended overnight, while the dollar gained momentum on Wednesday as yields on U.S. Treasury debt headed for highs not seen in four years, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.15 percent. Japan's Nikkei shed 0.2 percent, it said.

JF Apex Securities Research in a market preview said US markets declined overnight, as DJIA down by 254.63 points or 1.01% following losses in consumer counters and political uncertainty.

It said that earlier, European stocks advanced following better-than-expected quarterly results.

“On the local market, the FBM KLCI shed 1.33 points to 1855.99 points.

“Following the mixed performance in the US and Europe, the FBM KLCI could remain sideways above the support of 1840 points,” it said.