KUALA LUMPUR (Aug 2): The FBM KLCI started Friday on a weaker note and looked set to end the week in the negative zone in line with the fall at global markets.

At 9.05am, the FBM KLCI  fell 0.62% or 10.06 points to 1,629.01.

The losers included Nestle (M) Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Hong Leong Financial Group Bhd, PPB Group Bhd, Fraser & Neave Holdings Bhd, Petronas Dagangan Bhd, Hong Leong Bank Bhd and Kuala Lumpur Kepong Bhd.

Global stocks are set to take another beating on Friday after U.S. President Donald Trump said he would slap a 10% tariff on the remaining $300 billion of Chinese imports from next month, according to Reuters.

U.S. stock futures lost 0.25% in early Asian trade after the S&P 500 lost 0.90% to hit one-month lows, it said.

CGSCIMB Retail Research said the FBM KLCI index extended its losses in the morning session tracking the overnight fall on Wall Street after Powell disappointed hopes for an aggressive easing cycle.

It said notwithstanding, the index reversed its losses in the afternoon session to close 4.2pts higher but overall sentiment remained downbeat with 483 losers outpacing 349 gainers.

“US President Donald Trump is expected to impose a 10% tariff on the remaining US$300bn of Chinese goods starting 1 September, which could dampen stock-market sentiment across the globe today.

“Resistance: 1,645 & 1,660. Support: 1,626 & 1,617,” it said.