KUALA LUMPUR (Oct 15): The FBM KLCI ticked higher on Monday, against the backdrop of weaker regional markets, lifted by select blue chips.

At 9.10am, the FBM KLCI rose 1.36 point to 1,732.10.

The early gainers included Top Glove Corp Bhd, Carlsberg Brewery Malaysia Bhd, United Plantations Bhd, ViTrox Corp Bhd, Yinson Holdings Bhd, Petronas Gas Bhd, Haltaleha Holdings Bhd, SLP Resources Bhd, BIMB Holdings Bhd and Genting Malaysia Bhd.

Asian shares slipped on Monday as worries over Sino-U.S. trade disputes, a possible slowdown in the Chinese economy and higher U.S. borrowing costs tempered optimism despite a rebound in global equities late last week, according to Reuters.

Not helping the mood, oil prices jumped and Saudi Arabian shares tumbled on rising diplomatic tensions between Riyadh and the West after the monarchy warned against threats to punish it over disappearance of a journalist, it said.

Hong Leong IB Research in a traders’ brief said investors may persist with the selling activities as long as the Fed is having a hawkish outlook on the interest rate, which may translate into higher borrowing costs for corporates in the US.

“Also, the unsettled trade developments could pose further downside risk to the stock markets.

“On the local front, stocks are likely to extend the selling tone with renewed selling interest on Wall Street and we think oil and gas stocks could face selling activities on the back of the declining crude oil prices.

“However, investors could be looking into defensive stocks within the high yield counters under this weak market environment. Also, based on the hammer candle that has formed yesterday, the FBM KLCI could be due for mild technical rebound,” it said.