KUALA LUMPUR (Feb 25): The FBM KLCI slipped in early trade today, weighed by select index-linked blue chips.

At 9.05am, the FBM KLCI slipped 2.23 point to 1,719.19.

The early losers included Petronas Dagangan Bhd, Gamuda Bhd, Axiata Group Bhd, Elsoft Research Bhd, Sime Darby Plantations Bhd, Kossan Rubber Industries Bhd, IJM Corp Bhd, Sapura Resources Bhd and Hai-O Enterprise Bhd.

Asian share markets looked well set on Monday after U.S. President Donald Trump said he would delay a planned increase on Chinese imports as talks between the two sides were making "substantial progress", according to Reuters.

The Australian dollar, a liquid proxy for China investments, got a mild lift from the news and further gains were expected for the yuan, it said.

Kenanga IB Research said Asian markets ended mostly lower last Friday following the release of data that showed signs of US economy slowing down.

It said that similarly, the FBM KLCI slipped 9.26 points or 0.54% to closed marginally lower at 1,721.42, bringing week-on-week gain to 1.93%.

“We believe the overall outlook of the index has turned positive given that the index has decisively broken above its 100-day SMA despite the index may see some short-term retracement or consolidation.

“Continued buying momentum could see the index trending higher to its resistances at 1,800 (R1) and 1,830 (R2).

“Should there be negative developments from the trade talks, support levels can be identified at 1,700 (S1) and 1,630 (S2),” it said.