KUALA LUMPUR (May 6): The FBM KLCI drifted lower early Wednesday as regional markets traded mixed while local index-linked banking stocks dragged ahead of the Wesak day holiday on Thursday.

At 9.05am, the FBM KLCI dipped 2.19 points to 1,387.36.

The early decliners included Hong Leong Bank Bhd, Public Bank Bhd, IOI Corp Bhd, Sime Darby Plantations Bhd, Tenaga Nasional Bhd, Hartalega Holdings Bhd, Mega First Corp Bhd, RHB Bank Bhd and LPI Capital Bhd.

Bloomberg said stocks in Asia began the session mixed, with investors weighing optimism that more economies are moving toward easing lockdowns against cautionary comments from Federal Reserve officials.

Oil extended its rebound, it said.

Kenanga IB Research said Asian stocks ended mixed yesterday, as investors appeared to have digested the rising tensions between U.S. and China over the pandemic outbreak.

It said back home, the FBMKLCI rose 12.96 points (+0.94%) to finish at 1,389.55.

“Chart-wise, the index - following its rebound from previous oversold position to close the gap that was opened during the mid-March market meltdown - could face renewed selling pressures ahead.

“On the chart, our immediate support levels stand at 1,360 (S1) and 1,310 (S2).

“On the upside, our resistance levels can be found at 1,400 (R1) and 1,420 (R2),” it said.

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