KUALA LUMPUR (May 22): The FBM KLCI fell in early trade Friday on some profit taking ahead of the extended weekend for the Hari Raya Aidilfiri holidays, against the backdrop of muted regional markets following the overnight correction at Wall Street.

At 9.10am, the FBM KLCI fell 5.89 points to 1,446.22.

The early decliners included British American Tobacco (M) Bhd, Kossan Rubber Industries Bhd, Petron Malaysia Refining & Marketing Bhd, Hartalega Holdings Bhd, Petronas Gas Bhd, UEM Edgenta Bhd, Hengyuan Refining Company Bdh, Petronas Chemicals Group Bhd and Pineapple Resources Bhd.

Bloomberg said Asian stocks saw a muted open Friday as rising tension between the U.S. and China added to concern about the pace of economic recovery from the coronavirus pandemic.

U.S. futures edged higher, it said.

Rakuten Trade in its daily market report said Wall Street finally corrected as traders took profits citing the escalating US/China tension and a rebound of Covid-19 cases in the US.

It said the Dow Jones Industrial Average declined by around 100 points to close below the 24,500 level.

“Therefore, we reckon regional markets to continue with their consolidation today.

“Following a rather positive week, where the FBM KLCI had gained by more than 70 points we believe the benchmark index to experience some correction.

“As such the FBM KLCI may dip below the 1,450 mark to around the 1,445 level today,” it said.

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