KUALA LUMPUR (June 23): The FBM KLCI edged lower in early trade Tuesday as select index-linked stocks drifted lower, against the backdrop of the uptrend of regional markets, on the back of firmer overnight close at Wall Street.

At 9.15am, the FBM KLCI shed 0.53 points to 1,510.71.

The early decliners included Allianz Malaysia Bhd, Petronas Gas Bhd, British American Tobacco (M) Bhd, Public Bank Bhd, IHH Healthcare Bhd, Rubberex Corp Bhd, AMMB Holdings Bhd and QL Resources Bhd.

Bloomberg said Asian stocks opened higher on Tuesday after technology shares lifted U.S. benchmarks, with investors betting in particular on those companies that will better weather a patchy economic recovery.

Benchmarks rose in Tokyo, Sydney and Seoul, while futures in Hong Kong pointed higher. The Nasdaq 100 jumped more than 1% and the Nasdaq Composite capped a seventh straight advance in its longest rally of the year. S&P 500 futures edged higher after the index lagged behind on Monday, with some sectors under pressure as investors weighed the impact of virus flareups in some states. The dollar weakened and Treasuries were steady. Crude oil pushed closer to $41 a barrel in New York, it said.

JF Apex Securities Research said US markets rose overnight with the Nasdaq hitting a record high following gains in technology counters.

It said that earlier, European stocks declined due to concerns of new coronavirus.

“On the local market, the FBM KLCI added 3.98 points to 1511.24 points.

“Following the mixed performances in the US and Europe, the FBM KLCI could remain sideways with support at 1490 points,” it said.