KUALA LUMPUR (Aug 27): The FBM KLCI ticked upward in early trade this morning, following the trend at regional markets, lifted by select blue chips.

At 9.05am, the FBM KLCI  gained 0.62 points to 1,601.15.

The early gainers included Nestle (M) Bhd, Petronas Dagangan Bhd, British American Tobacco (M) Bhd, IHH Healthcare Bhd, Hong Leong Finanial Group Bhd, Fraser & Neave Holdings Bhd, Unisem (M) Bhd, Hap Seng Consolidated Bhd and Bursa Malaysia Bhd.

Asian stocks tracked global peers higher on Tuesday while safe-haven bonds sold off as signs Sino-U.S. trade hostilities might be easing helped restore investor confidence after the previous session's rout, according to Reuters.

Supporting the market mood, U.S. President Donald Trump on Monday flagged the possibility of a trade deal with China and said he believe Beijing was sincere in its desire to reach an agreement. Global markets had been roiled at the start of the week by new tariffs from the world's two largest economies, it said.

CGS-CIMB Retail Research said Given the shaky markets globally, the local bourse declined 8.8 points on Monday.

It said the KLCI fell after the opening bell but then regrouped to close near the opening price yesterday, forming a hammer candlestick pattern.

“A hammer signals that a technical rebound may be next. The rebound will only occur if today’s candle closes above the closing price of the hammer.

“Given the overnight strong rebound on Wall Street due to trade war optimism, KLCI could potentially trade higher today.

“Nevertheless, with the local uncertain 2Q corporate earnings and tit-for-tat US-China trade war, shares on Bursa could potentially be hit again with a double whammy. Resistance: 1,620 & 1,640. Support: 1,581 & 1,572,” it said.