KUALA LUMPUR (July 15): The FBM KLCI retreated in early trade this morning, tracking softer regional markets, weighed by losses at index-linked stocks including Tenaga Nasiional Bhd and Top Glove Corp Bhd.

At 9.05am, the FBM KLCI dipped 1.14 points to 1,668.31.

Asian shares started the week on a softer note on Monday after posting their first weekly decline since early June, while the dollar was on the defensive ahead of key economic data from China, according to Reuters.

Trading was expected to be light as Japan was shut for a public holiday, it said.

Kenanga IB Research said last Friday the FBM KLCI slipped 9.81 points (-0.58%) to close at 1,669.45, registering week-on-week loss of 0.78%, in contrast to Asian markets which ended mostly higher as the Dow sets record gains.

“Chart-wise, the index is observed to be consolidating between a range of 1,650 and 1,700, likely due to the lack of major catalyst within the market.

“Meanwhile, key indicators appear uninspiring by ranging in the neutral zone. From here, resistances can be found at 1,700 (R1),” it said.

The decliners included United Plantations Bhd, Tenaga Nasional, Time Dotcom Bhd, Choo Bee Metal Industries Bhd, Petronas Chemicals Group Bhd, AMMB Holdings Bhd, Top Glove Corp Bhd and Kossan Rubber Industries Bhd.