KLCI drops 0.56% as key blue chips retreat

-A +A

KUALA LUMPUR (Sept 25): The FBM KLCI dropped 0.56% at the opening bell today as key blue chips retreatd despite the slight recovery at regional markets.

At 9am, the FBM KLCI fell 9.02 points to 1,604.15.

The top losers included Nestle (M) Bhd, Kuala Lumpur Kepong Bhd, PPB Group Bhd, DiGi.Com Bhd, Axiata Group Bhd, Tan Chong Motor Holdings Bhd, CIMB Group Holdings Bhd, IJM Corporation Bhd, Public Bank Bhd and IOI Corporation Bhd.

Asian shares edged up on Friday, while the dollar rose and U.S. interest rate futures price briefly dropped after Federal Reserve Chair Janet Yellen suggested the central bank is still on track to raise interest rates later this year,accodring to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent in early trade, but on track for a weekly loss of more than 4 percent, it said.

JF Apex Securities Research in a market preview today said the Dow Jones Industrial Average closed about 79 points or 0.5% lower after falling as much as 263.53 points as investors awaited a post-close speech from Fed Chair Janet Yellen.

Similarly, it said European stocks closed sharply lower on Thursday, as the fallout from the Volkswagen emissions scandal caused auto stocks to tumble amid positive German economic data.

 “The FBM KLCI index lost 22.20 points or 1.36% to close at 1613.17 points on Wednesday mainly dragged down by the Finance Index as affected by concern on China economic growth.

“We expect the local bourse to trend lower today to test its psychological support of 1600 points following poor leads from overseas markets,” it said.