KUALA LUMPUR (Aug 17): The FBM KLCI pulled back from its recent in early trade today in line with the retreat at most regional markets, weighed by losses at Petronas-linked stocks.

At 9.01am, the FBM KLCI fell 4.84 points to 1,695.05.

The early decliners included Petronas Dagangan Bhd, Petronas Gas Bhd, Hong Leong Financial Group Bhd, Malaysia Airports Holdings Bhd, PPB Group Bhd, Kuala Lumpur Kepong Bhd, Public Bank Bhd, Lafarge Malaysia Bhd and Maxis Bhd.

Asian shares stepped back from a one-year high on Wednesday after the influential New York Federal Reserve Bank president said the Fed could raise interest rates as soon as September, prompting investors to pause after rallies in recent weeks, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.05 percent while Japan's Nikkei rose 0.4 percent, paring some of Tuesday's sharp losses, it said.

JF Apex Securities Research in a market preview today said US markets pulled back from record highs after telecommunication counters dropped and investors wait for the release of the Federal Reserve's minutes of meeting.

It said that similarly, European stocks declined despite gains in oil, mining counters and the Pound sterling.

“On the local bourse, the benchmark FBM KLCI surged 9.56 points to 1699.89 points to extend its uptrend.

“Following the decline in US and European markets, the FBM KLCI could fall back and hover below the resistance level of 1705 points,” it said.