KUALA LUMPUR (Sept 2): The FBM KLCI fell in early trade today in line with the decline at most regional markets following the weaker overnight close at most global markets.
At 9am, the FBM KLCI fell 6.61 points to 1,602.60.
The top losers included Malayan Banking Bhd, Public Bank Bhd, Genting Bhd, Coastal Contracts Bhd, Malaysian Pacific Industries Bhd, Dayang Enterprise Holdings Bhd, Petronas Gas Bhd, IHH Healthcare Bhd, CIMB Group Holdings Bhd and Tenaga Nasional Bhd.
Asian shares got off on the back foot on Wednesday after weak manufacturing activity reports from both the US and China sent Wall Street reeling, while the dollar steadied after steep losses, according to Reuters.
US S&P e-mini equity futures were up 0.7, suggesting that some calm could return to markets later in the global day, it said.
JF Apex Securities Research in a market preview today said US markets plunged almost 3% following concerns on China's economic growth and timing of Federal Reserve's rate hike.
Similarly, it said European stocks tumbled after weak Chinese economic data.
“Yesterday, the FBM KLCI ended 3.53 points lower at 1,609.21 points after opening at an intra-day high of 1,660.22 points.
“Following the bearish performance in the US and Europe, we expect the FBM KLCI to decline with support at 1,570 points,” it said.