KUALA LUMPUR (July 14): The FBM KLCI opened lower this morning as local investors appeared to take a breather, despite the positive momentum at most regional markets.

At 9.01am, the FBM KLCI fell 2.32 points to 1,658.07.

The early decliners included UOA Development Bhd, Success Transformer Corporation Bhd, MISC Bhd, Carlsberg Brewery (M) Holdings Bhd, Pos Malaysia Bhd, Sime Darby Bhd, IOI Corporation Bhd, Matrix Concepts Holdings Bhd and Genting Bhd.

Asian shares held near eight-month high on Thursday as investors bet the Bank of England will cut rates in a pre-emptive strike to ward off a recession following the country's decision to leave the European Union, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan were down 0.1 percent in early trade but stood near its eight-month peak hit on Wednesday. Japan's Nikkei was flat, it said.

JF Apex Securities Research in a market preview today said that US stocks rose for a fourth consecutive day as the Dow and S&P extended their all-time highs with small gains.

However, it said European markets retreated as equities took a breather from recent gains.

“On the local bourse, the FBM KLCI gained 6.42 points to 1660.39 points on the back of surprise OPR cut by BNM.
“Following the overnight positive performance in the US and the domestic loosening monetary policy environment, the FBM KLCI could ride on the recent uptrend and test its resistance and 200-day moving average at 1665 points,” it said.