KUALA LUMPUR (Feb 28): The FBM KLCI drifted lower at mid-morning today, tracking regional markets, weighed by select blue chips.

At 10am, the FBM KLCI dipped 1.18 points to 1,712.27.

Losers led gainers by 382 to 188, while 255 counters traded unchanged. Volume was 619.74 million shares valued at RM354.58 million.

The top losers included Tong Herr Resources Bhd, Panasonic Manufacturing Malaysia Bhd, Hengyuan Refining Company Bhd, Dutch Lady Milk Industries Bhd, AirAsia Group Bhd, PPB Group Bdh, Eita Resources Bhd, Pos Malaysia Bhd, Muda Holdings Bhd and KESM Industries Bhd.

The actives included KNM Group Bhd, AirAsia, IFCA NSC Bhd, Sapura Energy Bhd, Iris Corp Bhd and Vsolar Group Bhd.

The gainers included Fraser & Neave Holdings Bhd, Nestle (M) Bhd, Heineken Malaysia Bhd, British American Tobacco (M) Bhd, Thong Guan Industries Bhd, MBM Resources Bhd, Padini Holdings Bhd, IHH Healthcare Bhd and RHB Bank Bhd.

Asian stocks slipped on Thursday after cautious comments from U.S. Trade Representative Robert Lighthizer dented some of the recent optimism towards Sino-U.S. trade relations, while the dollar held gains, supported by higher bond yields, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 percent, it said.

Hong Leong IB Research said following recent 1% retracement from YTD high of 26241, near term Dow’s upbeat undertone has been interrupted and an extended consolidation is likely to prevail, compounded by contradictory US-China trade talk comments from Washington and bearish technicals.

“Moreover, facing with crosscurrents and conflicting worries over slowing economy and a deteriorating US 1Q19 earnings outlook (as consensus S&P 500’s EPS growth have shrunk to -0.9% from around +5% at the start of the year), mounting US debts, coupled with grossly overbought Dow (+19.7% rally since Dec low), a lot of the good news had been priced in,” it said.

On the FBM KLCI, it said expectations of the US-China trade deals, a dovish Fed coupled with the recovery in crude oil prices and the potential resumption in domestic mega projects would still act as supporting catalysts for KLCI to retest the long-term downtrend resistance near 1738 levels.

“However, short term market has turned increasingly choppy amid recent batches of tepid 4Q18 results as well as net foreign outflows,” it said.