KUALA LUMPUR (Feb 12): The FBM KLCI retreated in early trade this morning, weighed by select blue chips.

At 9.10am, the FBM KLCI dipped 1.72 points to 1,686.84.

The decliners included IHH Healthcare Bhd, Eastern & Oriental Bhd, Petronas Dagangan Bhd, QL Resources Bhd, Caring Pharmacy Bhd, UMW Holdings Bhd, Petronas Chemicals Group Bhd, Amway Holdings (M) Bhd and Malaysia Airport Holdings Bhd.

Asian stocks traded higher Tuesday with the biggest advance seen in Japan after the yen weakened. The dollar held gains and 10-year Treasuries were steady, according to Bloomberg.

Despite a rise in Tokyo as traders returned from a holiday, markets remained hostage to the next crucial round of trade talks. Equities ticked higher in Sydney and Seoul, while futures pointed to a weaker start in China and Hong Kong. Earlier, the S&P 500 Index finished little changed after drifting most of the session. The dollar entered its longest rally since January 2016, recouping its year-to-date losses, as central banks around the world tilt more to the dovish side, boosting the relative appeal of the greenback, it said.

Kenanga IB Research said Asian share markets closed mostly higher as China reopened their market after the long Lunar New Year holiday while investors continue to look out on the trade talk.

It said back-home, the FBMKLCI advanced by 2.04 points (+0.12%) to close at 1,688.56.

“We maintain our neutral outlook, as the index remains above the 20 and 50 day-SMAs but other momentum indicators are starting to show signs of slowing down.

“A positive outcome from the trade talk will see the index trend higher to its resistances at 1,730 (R1) and 1,800 (R2).

“Should the index break below both the 20 and 50-day SMA, support levels can be identified at 1,650 (S1) and 1,600 (S2),” it said.