KUALA LUMPUR (July 16): The FBM KLCI drifted lower in early trade this morning as regional markets treaded water and index-linked Tenaga Nasional Bhd as well as Top Glove Corp Bhd weighed.

At 9.05am, the FBM KLCI shed 0.82 points to 1,671.55.

The early decliners included PPB Group Bhd, MSM Malaysia Holdings Bhd, Yinson Holdings Bhd, Tenaga Nasional Bhd, Hengyuan Refining Company Bhd, SAM Engineering & Equipment Bhd, AMMB Holdings Bhd, Top Glove Corp Bhd, Dayang Enterprise Holdings Bhd and Magnum Bhd.

Asian stocks were set for a mixed start Tuesday as investors looked to earnings and clues from policymakers for the next catalyst. Treasuries advanced, according to Bloomberg.

Futures were flat in Japan, dipped in Australia and contracts rose in Hong Kong. The S&P 500 Index earlier ended flat at a record high as gains in tech offset losses in energy and financial companies. Citigroup Inc., the first giant U.S. bank to report results, was little changed. Oil fell below $60 a barrel, it said.

Kenanga IB Research said despite China posting its weakest quarterly GDP growth in at least 27 years,

It said Asian markets recovered their early losses with the FBM KLCI rising marginally by 2.92 points (+0.17%) to close at 1672.37 yesterday.

“Chart-wise, the index is observed to be consolidating between a range of 1,650 and 1,700, likely due to the lack of major catalyst within the market.

“Meanwhile, signals from key momentum indicators continue to appear uninspiring.

“From here, resistances can be found at 1,700 (R1). A break above should see the index trend higher towards 1,730 (R2),” it said.