KLCI falls in early trade as regional markets pull back

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opening_market_down_theedgemarkets

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KUALA LUMPUR (Dec 10): The FBM KLCI fell in trade on Wednesday as regional markets pulled back on resurgent global growth concerns amidst political uncertainties in Greece.

At 9.01am, the FBM KLCI fell 4.45 points to 1,733.65.

The top losers included Petronas Dagangan Bhd, Hong Leong Bank Bhd, RHB Capital Bhd, Malaysia Airports Holdings Bhd, Genting Plantations Bhd, Lafarge Malaysia Bhd, IJM Corporation Bhd, Sime Darby Bhd, PPB Group Bhd and Tan Chong Motor Holdings Bhd.

Regionally, oil prices were knocked again on Wednesday, with Asian shares and the dollar also pulling back as global growth concerns and political uncertainty in Greece prompting a flight to safety, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.4 percent, while Japan's Nikkei stock average was down more than 1 percent, it said.

BIMB Securities Research in a market preview Wednesday said that in Asia, it was a sea of red on Tuesday dampened by losses in China albeit at more manageable levels.

Locally, it said the FBM KLCI lost 2.74 points at 1,738.10 as foreign selling continued.

“Yesterday saw another RM281.5 million flowed out from the local bourse pushing total net outflow to RM1.41 billion for December alone.

“We detected some accumulation by the local institutions at current levels and expect the downtrend for the FBM KLCI to be temporarily halted with immediate support at the 1,725 mark,” it said.