KLCI falls 0.4% in early in line with regional markets

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KUALA LUMPUR (May 27): The FBM KLCI lost 0.4% in early trade today as key blue chips sank in line with sagging regional markets.

At 9.02am, the FBM KLCI lost 7.02 points to 1,757.05.

The top losers included Dutch Lady Milk Industries Bhd, Malaysia Airports Holdings Bhd, Globetronics Technology Bhd, Public Bank Bhd, Felda Global Ventures Holdings Bhd, Tenaga Nasional Bhd, Lafarge Malaysia Bhd, MISC Bhd and Axiata Group Bhd.

Asian stocks sagged and the dollar stood tall on Wednesday on growing prospects the Federal Reserve was on track to raise interest rates later this year and concerns that financial woes could engulf Spain in addition to Greece,according to Reuters.

Taking a lead from Wall Street's slide, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 percent with Australian and South Korean shares suffering losses. Tokyo's Nikkei shed 0.3 percent, it said.

JF Apex Securities Research in a market preview today said US markets declined sharply following the appreciation of the dollar and mixed economic data could call for interest rate hike.

Similarly, it said European stocks fell due to concern on Greece nearing a loan default.

“On the local market, the FBMKLCI declined 3.31 points to 1764.07 points.

“Following the bearish performance of global markets, the FBM KLCI could come under more selling pressure and extend its downtrend after testing it's support at 1,760 points,” it said.