KUALA LUMPUR (June 5): The FBM KLCI snapped its rally and paused for a breather in early trade Friday as key index-linked stocks fell ahead of the announcement on the nation's short-term economic recovery plan for the June to December 2020 period later today.

Investors will closely follow Prime Minister Tan Sri Muhyiddin Yassin’s scheduled announcement at 3pm today.

At 9.05am, the FBM KLCI dipped 1.50 points to 1.560.34.

The top losers included Malaysia Airports Holdings Bhd, Petronas Dagangan Bhd, Hap Seng Consolidated Bhd, Carlsberg Brewery Malaysia Bhd, Tenaga Nasional Bhd, Can-One Bhd, Petronas Chemicals Group Bhd, Malayan Banking Bhd and Public Bank Bhd.

Bloomberg said Asian stocks opened mixed on Friday amid concern the recent rally has gone too far, with another big drop in American payrolls looming from the May employment report.

Japanese and Australian shares dipped when trading began, while those in South Korea were slightly higher. Contracts on the S&P 500 were little changed after the index snapped a four-day winning streak Thursday. Ten-year Treasury yields held near the highest level since March. The euro earlier surged after the European Central Bank announced a bigger-than-expected boost to its emergency bond-buying program, it said.

JF Apex Securities Research said US markets ended flat with the Dow closing slightly higher while the Nasdaq and S&P declined after jobless claims were worse than expected.

It said that earlier, European stocks closed lower after the European Central Bank announced a larger-than-expected stimulus program.

“On the local market, the FBM KLCI rose 23.31 points to 1561.84 points.

“Following the negative performances in the US and Europe, the FBM KLCI could pull back from recent gains with support at 1550 points,” it said.

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