KUALA LUMPUR (Feb 27): The FBM KLCI edged higher in early trade this morning against the backdrop of cautious regional markets, lifted by select blue chips including Public Bank Bhd and Tenaga Nasional Bhd.

At 9.10am, the FBM KLCI gained 3.88 points to 1,499.07.

The gainers included Fraser & Neave Holdings Bhd, Malaysian Pacific Industries Bhd, Carlsberg Brewery Malaysia Bhd, Petronas Gas Bhd, Kobay Bhd, Public Bank, Favelle Favco Bhd, Pentamaster Corp Bhd and Tenaga Nasional.

Bloomberg said stocks in Asia looked set for a cautious start on Thursday after a rocky session on Wall Street that saw Treasury yields hit new all-time lows and declines in U.S. shares.

The S&P 500 Index slipped, bringing its five-day retreat to 8%, as concern mounts that the spread of coronavirus into the world’s largest economy could curb growth. Microsoft Corp. fell in after-hours trading after saying the virus continues to impact its supply chain in China. The Australian dollar tumbled to a fresh 11-year low, it said.

JF Apex Securities Research said US markets ended mixed with the Dow and S&P declining while the Nasdaq climbed as the 10-year Treasury yield fell to a record low amid further outbreak of the coronavirus.

It said that earlier, European stocks ended flat as the coronavirus continues to spread in the region.

“On the local bourse, the FBM KLCI lost 5.69 points to 1495.19 points.

“Following the mixed performances in the US and Europe, the FBM KLCI could remain sideways below the resistance level of 1515 points amid current political uncertainty and coronavirus pandemic,” it said.