KUALA LUMPUR (April 12): The FBM KLCI drifted marginally lower in early trade this morning, weighed by losses including at IHH Healthcare Bhd and Hartalega Holdings Bhd, against the backdrop of mixed regional markets.

At 9.05am, the FBM KLCI drifted 0.14 points lower to 1,624.09.

The early decliners included Rapid Synergy Bhd, Petronas Chemicals Group Bhd, IHH Healthcare Bhd, Dialog Group Bhd, Hartalega Holdings Bhd, Ta Ann Holdings Bhd, Sunway Construction Group Bhd and Syarikat Takaful Malaysia Keluarga Bhd.

Asian stocks traded mixed after U.S. shares showed little direction ahead of corporate earnings and following data confirming the economy remains on solid footing. Treasuries steadied, according to Bloomberg.

Japanese shares retreated with those in South Korea, while Australian equities rose. Volumes were light in the U.S. session and the S&P 500 Index ended flat ahead of the first quarter reporting period that begins in earnest Friday with results from JPMorgan Chase & Co. and Wells Fargo & Co. The 10-year Treasury yield remained below 2.50 percent and the dollar steadied. The pound held losses as Prime Minister Theresa May accepted the European Union’s offer to push the Brexit deadline out six months, it said.

Kenanga IB Research said Asian markets closed mixed as European Union leaders and the U.K. agreed to a Brexit deadline extension.

It said back home, the FBMKLCI tumbled 15.23 points (-0.93%) to close at 1,624.23 yesterday, weighted by Tenaga Nasional Bhd’s -4.13% fall after the state fund Khazanah placed out 85 million (or 1.49% stake) of share.

“Yesterday’s long bearish candlestick signified strong selling pressure.

“However, we believe that the selling pressure should not persist and that there is a possibility of a rebound in the near term, as the stochastic indicator has been in the oversold territory for quite some time.

“Any downside bias should see support levels at 1,615 (S1) and 1,600 (S2). Should a rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels,” it said.