KUALA LUMPUR: Asian markets fell in early trade on July 3 following the overnight fall on Wall Street while at Bursa Malaysia, investors took profit on recent gains and momentarily pushed the 100-stock KLCI below 1,070.

However, some buying support emerged to enable the KLCI to pare some of the earlier losses. At 10am, the KLCI was down 5.02 points to 1,073.69. Turnover was 262.45 million shares valued at RM137.452 million. There were 73 gainers, 217 losers and 134 stocks flat.

The Nikkei 225 fell 1.01% to 9,776.20, Shanghai Composite Index 0.09% lower at 3,057.15 and Singapore’s Straits Times Index lost 1.08% to 2,295.83. Hong Kong’s Hang Seng Index fell 1.31% to 17,929.50.

Light crude oil fell 42 cents to US$66.31.

HwangDBS Vickers Research said if investors have been waiting for fresh leads to surface – thus contributed to the flattish market performance over the last five days – a trigger has emerged to prompt them to take profit today.

“In which case, the benchmark KLCI may sink below its first support level of 1,070, possibly heading towards the next support mark of 1,050 thereafter. Essentially, selling pressures should intensify following the overnight plummet on Wall Street, which saw its key equity indices plunging between 2.6% and 2.9% on worries that rising unemployment data could derail the economic recovery momentum,” it said in a research note.

Meanwhile, Malaysia’s May external trade statistics are due for release today. Consensus is projecting a year-on-year drop of 28.8% for exports and 23.9% for imports, translating to a monthly trade surplus of RM8.7 billion.

PPB fell the most, down 20 sen to RM11.70 with 600 shares done. Public Bank-F and BCHB fell 10 sen each to RM9.10 and RM9.45 while Genting also shed 10 sen to RM5.70. Among plantations, KL Kepong fell 10 sen to RM12.

Compugates was the most active, with 39.9 million shares done. It was unchanged at seven sen.