KUALA LUMPUR (Aug 9): The FBM KLCI drifted lower in early trade this morning, weighed by select index-linked blue chips.

At 9.05am, the FBM KLCI dipped 1.89 points to 1,614.13.  

The early decliners included Nestle(M) Bhd, Fraser & Neave Holdings Bhd, Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, Genting Plantations Bhd, Hong Leong Bank Bhd, Hong Leong Financial Group Bhd, Hap Seng Consolidated Bhd, Sime Darby Plantations Bhd and Ta Ann Holdings Bhd.

Asian shares pushed higher Friday as positive sentiment from a strong session on Wall Street outweighed a resurfacing of trade tensions. Treasury yields slipped and the yen ticked higher, according to Bloomberg.

Stocks rose in Tokyo, Seoul and Sydney even as Bloomberg reported the White House is holding off on a decision about licenses for U.S. companies to restart business with Huawei Technologies Co. after Beijing said it was halting purchases of U.S. farming goods. U.S. futures had sold off on the news but pared the worst of the losses as trading got underway in Asia, it said.

Kenanga IB Research said Asian markets yesterday mostly rebounded from previous lost after Beijing reported a 3% rise on China’s July export which is above market expectation.

The research house said the FBMKLCI gained 11.32 points (+0.71%) to close at 1,616.02.

“Chart-wise, the index close higher yesterday showing the sign of minor rebound after hitting the significant low at 1,590. On major outlook, bearish sentiment still remains intact in tandem with uninspiring key technical indicators. Key support levels can be found at 1,600 (S1) and 1,570 (S2) should the index trend lower. Conversely, overhead resistance levels can be seen at 1,630 (R1) and 1,650 (R2).