KUALA LUMPUR (July 24): The FBM KLCI nudged up in early trade this morning, trackin regional markets, lifted by gains including at Petronas-linked counters.

At 9.05am, the FBM KLCI added 2.47 points to 1,658.14.

The early gainers included Nestle (M) Bhd, Petronas Dagangan Bhd, Genting Malaysia Bhd, Petronas Gas Bhd, MBM Resources Bhd, Hume Industries Bhd and DRB-Hicom Bhd.

Asian shares looked set for gains after signs of progress in U.S.-China trade talks though technology stocks will be in focus after U.S. antitrust moves in the sector. Treasuries fell and the dollar climbed, according to Bloomberg.

Futures pointed higher in Japan, Australia and Hong Kong as the S&P 500 Index finished back above the 3,000 level. After the market closed, shares of Amazon, Alphabet and Facebook declined more than 1% after the Justice Department said it is opening a broad antitrust review into whether dominant technology firms are unlawfully stifling competition, it said.

Kenanga IB Research said most Asian markets closed higher following gains on Wall Street, boosted by positive earnings season.

It said the FBM KLCI inched 0.27 points (+0.02%) higher to close at 1,655.67.

“Chart-wise, the index remains close to its 100-day SMA. Should the index convincingly break below its 50 and 100-day SMAs, the outlook would turn near-term bearish.

“From here, resistances can be found at 1,700 (R1). A break above should see the index trend higher towards 1,730 (R2).

“Conversely, downside supports can be identified at 1,630 (S1) and 1,600 (S2),” it said.