KUALA LUMPUR (June 6): The FBM KLCI drifted lower in early trade this morning after the World Bank said it foresees Malaysia’s economic growth moderating this year.

Malaysia’s economy is projected to grow at 5.4% in 2018 from an estimated 5.9% in 2017, according to the World Bank.

The bank said growth was moderating after a strong rebound last year.

At 9.10am, the FBM KLCI dipped 2.09 points to 1,753.05.

The early decliners included Heineken Malaysia Bhd, Hong Leong Financial Group Bhd, Aeon Credit Service (M) Bhd, British American Tobacco (M) Bhd, NISC Bhd, Press Metal Aluminium Holdings Bhd, Petronas Chemicals Group Bhd, Malayan Banking Bhd, Uchi Technologies Bhd and Hap Seng Conslidated Bhd.

Asian stocks edged up on Wednesday after tech sector strength lifted Wall Street shares, while concerns about Italy's debt prompted investors to move into lower-risk government debt elsewhere, pushing U.S. Treasury yields down from recent highs, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 percent, while Japan's Nikkei edged down 0.1 percent, it said.

JF Apex Securities Research in a market preview said US markets ended mixed overnight with the Nasdaq extending its record high after gains in technology counters while the Dow and S&P were flat.

It said that earlier, European stocks declined on losses in banking counters. 

“On the local market, the FBM KLCI ended flat after shedding 0.03 points to 1755.14 points.

“Following the mixed performance in the US and European markets, the FBM KLCI is expected to remain sideways below the resistance of 1770 points,” it said.