KLCI falls in early trade as select blue chips weigh

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KUALA LUMPUR (Sept 11): The FBM KLCI fell in early trade today, weighed by losses at select blue chips.

At 9.01am, the FBM KLCI fell 8.95 points to 1,605.07.

The top losers included United Plantations Bhd, Kuala Lumpur Kepong Bhd, Lafarge Malaysia Bhd, Genting Plantations Bhd, Malaysian Pacific Industries Bhd, PPB Group Bhd, CIMB Group Holdings Bhd and IOI Corporation Bhd.

Asian shares rose on Friday thanks to gains on Wall Street, while the dollar steadied after facing pressure from a rallying yuan and US data that offered no clarity on whether the Federal Reserve might raise interest rates next week, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.2%, on track for a 3% rise for the week, it said.

JF Apex Securities Research in a market preview today said US markets climbed overnight following higher oil prices.

In contrast, it said European stocks declined following lower economic data from China and Japan, raising concerns on their growth.

“On the local market, the FBM KLCI bucked regional trend after closing 10.66 points to 1,614.02 points following a last minute spike.

“Asian markets are expected to be mixed today due to uncertainties ahead of next week's US Federal Reserve meeting on interest rate decision.

“We expect the KLCI to trend sideways below the resistance of 1,630 points,” it said.

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