KUALA LUMPUR (July 21): The FBM KLCI fell 0.48% in early trade today after the US Department of Justice moved to sue on Wednesday to seize more than US$1 billion in assets they said were tied to money stolen from state fund 1Malaysia Development Bhd.

At 9.02am, the FBM KLCI lost 0.48% or 8.03 points to 1,661.58.

The top losers included PPB Group Bhd, Petronas Gas Bhd, Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, Petronas Dagangan Bhd, Sime Darby Bhd, IHH Healthcare Bhd and Kuala Lumpur Kepong Bhd.

Asian shares edged up on Thursday, bolstered by fresh record highs on Wall Street and a recovery in crude oil prices, while the dollar climbed to a six-week peak against the safe-haven yen, according to Reuters.

Crude gained as much as 1 percent on Wednesday, after U.S. inventory data alleviated some fears of supply glut, though gave up some its gains in early Asian trade, it said.

JF Apex Securities Research in a market preview today said US markets rose overnight as the Dow extends its record high following better-than-expected quarterly results lifted investor sentiment.
It said that similarly, European stocks climbed after a rally in technology counters.
“On the local market, the FBM KLCI ended flat after shedding 0.94 points to 1669.61 points.
“Following the positive performance in the US and Europe, the FBM KLCI could follow suit and rise towards its resistance of 1685 points,” it said.