KUALA LUMPUR (Aug 23): The FBM KLCI gave up its gains from Thursday early this morning and fell 0.44% against the backdrop of mixed regional markets, weighed by select index-linked blue chips.

At 9.05am, the FBM KLCI lost 7.07 points to 1,595.40.

The top losers included Nestle (M) Bhd, Public Bank Bhd, PPB Group Bhd, Kuala Lumpur Kepong Bhd, Petronas Dagangan Bhd, Genting Plantations Bhd, Hap Seng Consolidated Bhd, Mega First Corp Bhd, Maxis Bhd and Hong Leong Financial Group Bhd.

Stocks in Asia looked set for a muted Friday start after a lackluster U.S. session that saw traders adopt a cautious stance before Federal Reserve Chair Jerome Powell’s address at the Jackson Hole summit. Treasuries dipped, according to Bloomberg.

Futures were little changed in Japan and Hong Kong. The S&P 500 Index closed flat amid weak volumes. Treasuries were volatile, with the benchmark 10-year yield climbing as three Federal Reserve policy makers voiced their resistance to the notion that the U.S. economy needs lower interest rates, and a fourth saying he wanted to avoid taking further action “unless we have to.” The dollar was steady, while crude oil slipped, it said.

CGS-CIMB Research said tracking the good overnight performance on Wall Street on Wednesday, KLCI gained 7.88 points or 0.49% yesterday.

However, it said market breadth remained negative, with 401 losers outpacing 382 gainers.

“Cautious sentiment across the board will still prevail amid the uncertain 2Q corporate earnings season.

“Hence, KLCI may continue to seesaw between dips and gains around the 1,600 psychological level. Resistance: 1,620 & 1,640. Support: 1,589 & 1,572,” it said.