KUALA LUMPUR (Sept 24): The main index at Bursa Malaysia drifted lower in early trade Thursday, tracking the weaker regional markets following the overnight fall at Wall Street.

At 9.05am, the benchmark FBM KLCI dipped 0.57 points to 1,495.91.

The early decliners included Malaysian Pacific Industries Bhd, KESM Industries Bhd, UWC Bhd, Telekom Malaysia Bhd, Bursa Malaysia Bhd, Secrn Kou Resources Bhd, Greatech Technology Bhd and Teck Guan Perdana Bhd.

Bloomberg said global equities fell Thursday as warnings from the Federal Reserve on the need for more stimulus ignited fresh jitters into an already weak September.

The dollar extended its recent runup, on course for the strongest week since April, it said.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street resumed its fall led by tech sector after a day of reprieve as the rebound has fizzled out on the rising coronavirus numbers and the stalemate in new stimulus plan.

It said the Dow Jones closed 1.92% lower to 26,763.13 level while the Nasdaq went below the 11,000 level down 3.02% at 10,362.98 while the S&P 500 fell 2.37% to 3,236.92.

“Regional markets will be under pressure today arising from the weaker US markets.

“On our local front, yesterday’s govt RM10 billion Prihatin stimulus and assistance package is likely to lend support to the KLCI with support level seen at 1,480 and investor should adopt the buy on weakness strategy,” it said.