KUALA LUMPUR (Oct 12): The FBM KLCI retreated in early trade today, weighed by losses at select blue chip stocks on some mild profit taking.

At 9.02am, the FBM KLCI fell 5.89 points to 1,700.65.

The early decliners included Keck Seng (Malaysia) Bhd, Sarawak Oil Palms Bhd, Public Bank Bhd, IOI Corporation Bhd, Westports Holdings Bhd, Alliance Financial Group Bhd, George Kent Holdings Bhd, Petronas Chemicals Group Bhd, Genting Bhd and Malayan Banking Bhd.

Asian shares edged higher on Monday, consolidating recent rises as late gains in Wall Street on Friday and a rebound in the commodities complex prompted some investors to hunt for bargains while the dollar struggled, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent in early deals, rounding off impressive 10 percent gains so far this month as investors unwound some of their long U.S. dollar and short commodities and emerging markets trade, it said.

JF Apex Securities Research in a market preview today said US markets pared earlier gains to end higher on Friday after minutes of the Federal Reserve meeting indicates no immediate rate hike.

Similarly, it said European stocks climbed following higher oil price and minutes from the Fed's meeting.

“On the local market, the FBM KLCI continued to ascend after rising 14.34 points to 1706.54 points last Friday.

“After breaking the psychological level of 1700 points, we expect the index to head towards the 1750-point threshold as the bullish momentum continues,” it said.