KLCI falls 0.41% as select blue chips slip

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KUALA LUMPUR (June 4): The FBM KLCI fell 0.41% in early trade today as select blue chips slipped.

At 9am, the FBM KLCI lost 7.15 points to 1,742.02.

The top losers included DKSH (Malaysia) Holdings Bhd, Petrons Gas Bhd, Public Bank Bhd, Kuala Lumpur Kepong Bhd, UMW Holdings Bhd, Petronas Dagangan Bhd, MMC Corporation Bhd, Carlsberg Brewery (M) Holdings Bhd, PPB Group Bhd and Tenaga Nasional Bhd.

The euro continued riding high on Thursday thanks to a spike in euro zone debt yields, while Asian stocks rose on hopes that Greece could be inching closer to a deal that would save it from default, according to Reuters.

The European common currency rode the momentum gathered overnight when the European Central Bank, in line with recent data suggesting deflationary pressures were not as pronounced as feared, raised its inflation forecast for 2015, it said.

JF Apex Securities Research in a market preview today said that US markets advanced after positive economic data on private payroll, service sector and trade.

Similarly, it said European stocks closed higher after potential resolution in Greece debt talks to avoid default on Friday.

“On the local market, the FBM KLCI rose 7.80 points to 1749.17 points.

“Due to the optimism led by Greece, we expect the KLCI to extend its upward rebound towards the resistance of 1,765 points,” it said.