KLCI falls 0.53% as blue chips drag

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KUALA LUMPUR (June 8): The FBM KLCI fell 0.53% in early trade dragged by select blue chips.

At 9am, the FBM KLCI fell 9.26 points to 1,736.07.

The top losers included Petronas Dagangan Bhd, Petronas Gas Bhd, Kuala Lumpur Kepong Bhd, Genting Plantations Bhd, British American Tobacco (M) Bhd, UMW Holdings Bhd, APM Automotive Bhd, Tenaga Nasional Bhd, Hartalega Holdings Bhd and IHH Helathcare Bhd.

An index of Asian shares slipped on Monday, while the dollar stuck close to a 13-year high against the yen hit after upbeat U.S. employment data raised bets that the U.S. central bank would raise interest rates as early as September, according to Reuters.

U.S. nonfarm payrolls jumped 280,000 last month, the largest gain since December, while payrolls for March and April were revised to show 32,000 more jobs were created than previously reported, the Labor Department said, it said.

JF Apex Securities Research in a market preview today said US stocks close mixed amid higher bond yields and strong employment data.

Meanwhile, it said European stocks declined after Greece postponed its IMF debt repayment t month-end.

“On the local market, the FBM KLCI gained 3.85 points to 1745.33 points.

“Following the lackluster performance, we expect the FBM KLCI to continue hover between 1730 and 1765 points,” it said.