KUALA LUMPUR (July 25): The FBM KLCI drifted marginally higher in early trade this morning in line with cautious regional markets.

At 9.05am, the FBM KLCI added 0.06 points to 1,652.47.

The early gainers included GHL Systems Bhd, DRB-Hicom Bhd, Malayan Banking Bhd, Hibiscus Petroleum Bhd, Guan Chong Bhd, Daibochi Bhd, Petronas Chemicals Group Bhd, Mintye Bhd and Kelington Group Bhd.

Asia stocks look set for a muted open amid a mixed picture for corporate earnings. Treasuries advanced along with European bonds, according to Bloomberg.

Futures indicated modest gains in Japan and Hong Kong, and were little changed in Australia and Hong Kong. Earlier, the Nasdaq Composite Index and the S&P 500 Index ended at record highs. After the close of regular trading, Facebook climbed on higher-than-forecast revenue, while Ford and Tesla slumped on disappointing results. The dollar fell against a group of major peers for the first time in four days, it said.

CGSCIMB Retail Research said the key index closed 3.26 points lower yesterday possibly on foreign selling on Petronas Chemicals Group Bhd and Petronas Gas Bhd.

However, it said Bursa Malaysia small cap stocks did well yesterday as traders appeared to favour lower liners stocks.

“The index formed a small shooting star candlestick yesterday, indicating that the previous wedge resistance (red line) is now acting as a solid support, which could potentially keep the benchmark above the 1,650 psychological level.

“For the Bursa Small Cap index, the neckline of its reversal ascending triangle formation is currently being tested.

“A break above the said neckline would be positive for the lower liners stocks. Resistance: 1,665 & 1,680. Support: 1,650 & 1,633,” it said.