KUALA LUMPUR (Feb 27): The FBM KLCI fell 4.51 points or 0.3% to its intraday low on profit taking and as Asian share markets declined ahead of US President Donald Trump's speech to the Congress on Tuesday.

Trump's speech will be closely watched for his cue on the US's policies. At 5pm, the KLCI closed at 1,693.84 points after rising to its intraday high at 1,705.49 points.

Across Bursa Malaysia, 2.9 billion shares worth RM2.16 billion changed hands. There were 297 gainers versus 643 decliners.

"The KLCI's losses mainly stem from speculation on President Trump's speech at the Congress due to take place tomorrow," Malacca Securities Sdn Bhd analyst Kenneth Leong told theedgemarkets.com.

Leong said there were uncertainties regarding President Trump's speech on the US's tax, healthcare and infrastructure spending policies. He also said the KLCI's losses were in tandem with Asian share markets' drop.

Japan's Nikkei 225 was down 0.91% while Hong Kong's Hang Seng fell 0.17%.

Reuters reported that Asian stocks declined on Monday, led by financials, as a renewed drop in sovereign bond yields on political concerns prompted some investors to move to the sidelines after a recent equities rally.

Much interest is focused on Trump's speech to a joint session of Congress on Tuesday night, where he is expected to unveil some elements of his plans to cut taxes.