KUALA LUMPUR (May 17): The FBM KLCI edged up in early trade in line with the gains at regional markets, lifted by index-linked stocks including Public Bank Bhd and Top Glove Corp Bhd.

At 9.05am, the FBM KLCI  added 0.70 points to 1,599.89.

The early gainers included Carlsberg Brewery Malaysia Bhd, British American Tobacco (M) Bhd, Pharmaniaga Holdings Bhd, Hong Leong Industries Bhd, Can-One Bhd, Westports Holdings Bhd, Public Bank, DiGi.Com Bhd, Dialog Group Bhd and Top Glove.

Asian stocks climbed early Friday after U.S. equities posted a third day of gains, with investors for now looking through the flare-up in the U.S.-China trade war, which has left the yuan at its weakest in five months, according to Bloomberg.

Japanese equities rose along with those in South Korea and Australia. The S&P 500 climbed 0.9% Thursday as solid earnings and strong housing data buoyed shares. The 10-year Treasury yield was back at 2.39% after testing 2019 lows earlier this week. Weakness is enduring for China’s offshore yuan amid the trade stand-off, with the currency down for a second week. In most recent developments, the Trump administration threatened to blacklist China’s Huawei Technologies Co. and Walmart Inc. warned tariffs would lead to higher consumer prices, it said.

Kenanga IB Research said Asian markets ended mixed as Trump made a move seemingly to ban telecom equipment from Huawei.

It said the FBMKLCI, on the other hand, dropped 12.24 points or 0.76% to close at 1599.19.

“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, resistance can be identified at 1,640 (R1) and 1,660 (R2) if there is unexpected positive news flow,” it said.