KUALA LUMPUR (Aug 12): The FBM KLCI opened in the red today, in line with regional markets that extended losses, weighed by losses at blue chips including index-linked banking stocks.

At 9.01am, the FBM KLCI lost 8.56 points to 1,628.15.

The top losers included Fraser & Neave Holdings Bhd, Kuala Lumpur Kepong Bhd, PPB Group Bhd, Hong Leong Industries Bdh, Hong Leong Financial Group Bhd, Genting Plantations Bhd, Guiness Anchor Bhd and Hong Leong Bank Bhd.

Asian stocks and commodities extended losses on Wednesday, feeling the aftershocks of China's surprise devaluation of the yuan, which hit U.S. equities overnight and pushed down already-weak emerging currencies, according to Reuters.

This benefitted the dollar, which rallied even against the safe-haven yen, it said.

JF Apex Securities Research in a market preview today said US markets tumbled after China's surprise devaluation of the Renminbi.

It said the European equities also plunged following China's move to depreciate its currency by almost 2 percent.

“Back home, the FBM KLCI extended its losing streak after falling 17.66 points to 1636.71 points.

“Following the bearish performance in the US and Europe, the FBM KLCI might suffer further foreign selldown with the next support level at 1615 points whilst Ringgit will be under further pressure,” it said.