KUALA LUMPUR (May 27): The FBM KLCI ticked up in early trade and moved above the 1,600-point level against the backdrop of mixed regional markets.

At 9.05am, the FBM KLCI  rose 3.55 points to 1,601.87.

The early gainers included Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, United Plantations Bhd, Mega First Corp Bhd. Guan Chong Bhd, Public Bank Bhd, Kossan Rubber Industries Bhd, MISC Bhd and RHB Bank Bhd.

Asian stocks kicked off Monday in mixed fashion following three weeks of declines on U.S.-China trade tensions. The euro steadied as mainstream European Union parties held their ground against populists in elections for the bloc’s Parliament, according to Bloomberg.

Japan’s Topix index edged higher, while main equity gauges in Australia and South Korea opened flat. The S&P 500 Index eked out a gain Friday and the 10-year Treasury yield held steady. With holidays in the U.K. and U.S. Monday, trading volumes could be lighter than usual. The dollar ended last week on the back foot over concerns that the U.S.-China trade spat will hurt global growth, it said.

Kenanga IB Research said Asian markets closed mixed last Friday as uncertainty over the trade war continued to cause jittery among investors.

“Our local benchmark index fell 3.55 points or 0.22% to close at 1,598.32, bringing week-on-week loss to 0.44%.

“The index is on a downtrend and there is no technical indicator that shows a potential reversal is at play.

“From here, global negative news and overall weak investor sentiment will likely see the index head towards its supports at 1,585 (S1) and 1,570 (S2). Conversely, resistances can be identified at 1,630 (R1) and 1,650 (R2) if there is unexpected positive news flow,” it said.