KUALA LUMPUR (Nov 29): The FBM KLCI drifted lower in early trade on the final trading day of November, as sentiment remained tepid amid a lack of fresh catalysts.

At 9.15am, the FBM KLCI shed 0.73 points to 1,583.04.

The decliners included Pentamaster Corp, United Plantations Bhd, Tenaga Nasional Bhd and Pentamaster warrants.

Bloomberg said stocks in Asia nudged higher on the final trading day of November with a lack of fresh drivers due to the U.S. holiday.

Shares opened higher in Australia, South Korea and Tokyo. U.S. equity and bond markets were shut Thursday for Thanksgiving, while European shares slipped. Oil retained its advance in the wake of OPEC+ signaling it will stick with existing output cuts at next week’s meeting. The dollar was little changed. Traders in Seoul will be watching out for commentary from the Bank of Korea, which is expected to keep its policy rate unchanged, it reported.

JF Apex Securities Research said European stocks declined overnight due to uncertainty on the US-China trade deal after President Trump signed legislations supporting Hong Kong protestors.

“Meanwhile, UK Prime Minister Boris Johnson is expected to win the election on Dec 12. US markets were closed for Thanksgiving holiday.

“On the local front, the FBM KLCI lost 3.41 points to 1583.77 points.

“Following the recent sideways trend, the FBM KLCI could hover between the support and resistance levels of 1570 and 1615 points respectively,” it said.