KUALA LUMPUR (July 24): The FBM KLCI dipped 0.26% in early trade today, dragged by select blue chips in line with the regional downtrend on concerns over a stall in the American economy.

At 9.05am, the bellwether index had fallen 4.13 points to 1,602.29.

The early losers included Fraser & Neave Holdings Bhd, Carlsberg Brewery Malaysia Bhd, KESM Industries Bhd, Pharmaniaga Bhd, Public Bank Bhd, Duopharma Biotech Bhd, Apex Healthcare Bhd, Kotra Industries Bhd, Gamuda Bhd and Sarawak Oil Palms Bhd.

Bloomberg said stocks in Asia followed US equities lower after an unexpected rise in American jobless claims rekindled concern a recovery in the world’s largest economy had stalled.

The US dollar extended this week’s slide, it said.

Rakuten Trade Sdn Bhd in its daily market report said US markets fell with Dow Jones losing 354 points to 26,652.3 on news of a rise in jobless claims, while Nasdaq also took a breather, falling 244.7 points to 10,461.4.

“Regional markets are set to take their cue from the overnight weakness in US markets.

“On the local front, the KLCI closed above the 1,600-point level with 12 billion trading volume yesterday.

“Today, we expect pharma, glove and healthcare-related stocks to remain in focus and continue to see buying interest, and investors should take the opportunity to buy on weakness,” it said.