KUALA LUMPUR (July 10): The FBM KLCI started on a muted note against the backdrop of mixed regional markets.

At 9,05am, the FBM KLCI was up 0.05 points to 1,682.92.

The gainers included Petronas Dagangan Bhd, Dufu Technology Bhd, DRB-Hicom Bhd, Bursa Malaysia Bhd, Petron Malaysia Refining & Marketing Bhd, LPI Capital Bhd, Pentamaster Corp Bhd and Pos Malaysia Bhd.

Stocks in Asia looked set to trade mixed after U.S. equities made little headway and investors awaited clues on policy from Federal Reserve Chair Jerome Powell. The dollar strengthened to its highest level since mid-June and Treasuries slipped, according to Bloomberg.

Futures in Japan pointed to a flat start, while contracts rose in Hong Kong and Australia. The S&P 500 Index edged higher as technology shares climbed. The yield on 10-year Treasuries nudged up to 2.06%. The Mexican peso dropped after that country’s finance minister quit, it said.

CGSCIMB Retail Research said the FBM KLCI index closed 5.2 points higher yesterday despite the lack of fresh catalysts against the backdrop of weaker regional markets.

“The market is widely expecting the Fed to NOT cut interest rates at the upcoming monetary policy meeting.

“Traders are expected to take a cautious approach today ahead of the keenly watched minutes from the Fed and ECB policy meetings tomorrow.

“Resistance: 1,682 & 1,694. Support: 1,671 & 1,657,” it said.