KUALA LUMPUR  (May 26): The FBM KLCI got off to a lacklustre start this morning as mixed local corporate earnings kept investors at bay given the lack of fresh catalysts.

At 9.01am, the FBM KLCI shed 2.31 points to 1,628.83.

The early decliners included Kuala Lumpur Kepong Bhd, Hong Leong Bank Bhd, Malaysia Airports Holdings Bhd, PPB Group Bhd, Perak Corporation Bhd, MISC Bhd, Public Bank Bhd, Axiata Group Bhd and Can-One Bhd.

Asian shares look set to extend their recovery from 12-week lows on Thursday after renewed optimism on European banks' prospects and a rise in oil prices to near $50 a barrel helped lift global shares, according to Reuters.

Australian share futures rose 0.6 percent overnight, while U.S.-traded Nikkei futures point to a gain of 1.0 percent in Japanese shares, it said.

JF Apex Securities Research in a market preview today said US markets climbed overnight led by energy counters as oil price hit $49 a barrel, its highest for the year.

It said that similarly, European stocks rallied after a new debt deal for Greece and higher oil price.

“On the local market, the FBM KLCI gained 5.12 points to 1630.96 points following a last minute spike.

“Following the bullish performance in the US and Europe, the FBM KLCI is expected to follow suit with resistance at 1665 points,” it said.