KUALA LUMPUR (Dec 39): The FBM KLCI drifted lower in early trade Monday against the backdrop of retreating regional markets.

At 9.05am, the FBM KLCI shed 0.68 points to 1,609.93.

The early decliners included PPB Group Bhd, Panasonic Manufacturing Malayasia Bhd, Hap Seng Consolidated Bhd, Aeon Credit Service (M) Bhd, Malayan Cement Bhd, Mulpha International Bhd, Kim Loong Resources Bhd and Teck Guan Perdana Bhd.

Bloomberg said Asian stocks drifted lower on Monday from the highest level in a year and a half, with few financial-market catalysts going into the year-end.

Equities in Tokyo opened weaker, while they fell in Sydney and were little changed in Seoul. U.S. futures edged up after stocks ended Friday mixed as traders assessed a rally that’s added more than $5 trillion to equities this year. The S&P 500 Index notched a fifth straight weekly advance. Treasuries were steady after rising on Friday, when the dollar logged its biggest drop since October, it said.

JF Apex Securities Research said US markets ended mixed on Friday with the Dow and S&P climbing to record highs while the Nasdaq declined.

It said European stocks also hit all-time highs following optimism on global trade.

“On the local market, the FBM KLCI rose 7.06 points to 1610.61 points.

“Following the bullish momentum from window dressing, the FBM KLCI could climb towards its resistance of 1620 points,” it said.