KUALA LUMPUR (July 29): The FBM KLCI edged lower in early trade today, weighed by select blue chips as local sentiment remained tepid.

At 9.10am, the FBM KLCI was down 0.74 points to 1,698.96.

The top losers included British American Tobacco (M) Bhd, Cahya Mata Sarawak Bhd, PPB Group Bhd, Lii Hen Industries Bhd, IJM Corporation Bhd, Perak Corporation Bhd, AMMB Holdings Bhd, Hong Leong Financial Group Bhd, MISC Bhd and Westports Holdings Bhd.

Asian shares attempted a rebound on Wednesday on hopes that Beijing could stem the rout in its markets without damage to the economy, though caution was the watchword ahead of a policy decision from the US Federal Reserve, according to Reuters.

Australia's main index rose 0.9% in early trade, while Japan's Nikkei flitted in and out of positive territory. MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.5%, it said.

JF Apex Securities Research in a market preview today said US stocks closed higher yesterday as oil price stabilised and fears receded on China stock rout.

Similarly, it said European markets ended higher as investors awaited for corporate earnings and Federal Reserve Policy Meeting.

“Back to local market, the FBM KLCI lost 10.06 points or 0.59% to end slightly below 1,700 points amid overnight losses in overseas markets and announcement of cabinet reshuffle.

“We expect the benchmark index to trend sideways, hover around 1,700 level with our support level at 1,670 points as tepid sentiment still weigh on the market,” it said.