KUALA LUMPUR (Feb 21): The FBM KLCI drifted lower in early trade this morning, dragged by select blue chips including Top Glove Corp Bhd against the backdrop of flat regional markets.

At 9.05am, the FBM KLCI shed 0.55 points to 1,730.13.

The decliners included Petron Malaysia Refining & Marketing Bhd, Hong Leong Financial Group Bhd, Formosa Prosonic Industries Bhd, Hengyuan Refining Company Bhd, Malaysian Pacific Industries Bhd, Pharmaniaga Holdings Bhd, AirAsia Group Bhd, Top Glove Corp Bhd and Maxis Bhd.

Shares in Asia were flat in early trade on Friday following a fall on Wall Street, with a deteriorating global economic outlook outweighing more signs of progress in trade talks between China and the United States, according to Reuters,

Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up less than 0.1 percent, it said.

Kenanga IB Research said Key Asian stock markets were mixed as investors take a breather from the rally that happened over the past few days.

It said back home, the FBMKLCI gained 4.5 points or 0.26% to close at 1,730.68, breaking our previously set resistance of 1,730.

“With the formation of multiple bullish candlesticks coupled with a 20-day SMA that is seen to be inching higher, we believe that the short-term technical outlook has turned bullish.

“From here, expect the index to trend higher to its resistances at 1,800 (R1) and 1,830 (R2),” it said.