KUALA LUMPUR (Sept 20): The FBM KLCI drifted lower in early trade this morning to remain below the 1,600-level as domestic sentiment appeared to stay tepid.

At 9.05am, the FBM KLCI shed 0.38 points to 1,595.90.

The early decliners included Kuala Lumpur Kepong Bhd, KESM Industries Bhd, DiGi.Com Bhd, Magni-Tech Industries Bhd, QL Resources Bhd, Hartalega Holdings Bhd, Malaysia Airports Holdings Bhd, Axiata Group Bhd and Gamuda Bhd.

Asian share prices inched higher on Friday as economic stimulus around the world eased fears of economic deceleration while crude oil prices climbed on concerns that last weekend's attacks on Saudi Arabia's oil facilities still pose supply risks, according to Reuters.

On Thursday, the S&P 500 ended flat, staying than less than 1% below its closing record high hit in July while the pan-European FTSEurofirst 300 index also came within sight of this year's peak, it said.

CGS-CIMB Retail Research said the local bourse closed 3.21 points or 0.2% lower on Thursday after the US Fed cut interest rates on Wednesday.

It said the overall sentiment is likely to remain muted as the market is still dragged down by internal and external headwinds.

“The benchmark FBMKLCI has been trading sideways for the past month or so and yesterday was no different.

“The index is still stuck in a range between 1,580 and 1,620. Until a breakout of either side, one can expect more see-saw movements in the days ahead. Resistance: 1,620 & 1,640. Support: 1,580 & 1,572,” it said.