KUALA LUMPUR (Nov 28): The FBM KLCI drifted lower in early trade this morning, dragged by index-heavyweights Public Bank Bhd, Malayan Bankingv Bhd and Genting Bhd against the backdrop of wobbly regional markets.

At 9.05am, the FBM KLCI  shed 2.07 points to 1,585.11.

The early decliners included British American Tobacco (M) Bhd, Public Bank, Genting, Sime Darby Plantations Bhd, Malayan Banking, Econpile Holdings Bhd and AirAsia Group Bhd.

Asian share markets wobbled on Thursday as concerns that tensions over Hong Kong could stymie a U.S.-China trade deal cast a pall over Thanksgiving cheer from unexpectedly positive U.S. economic data, according to Reuters.

U.S. President Donald Trump on Wednesday signed into law congressional legislation backing pro-democracy protesters in Hong Kong despite angry objections from Beijing, it said.

Hong Leong IB Research said given the positive mood following the solid bag of data; stronger US GDP, lesser jobless claims and higher order of durable goods as well as the Fed’s Beige Book suggested economic activity expanded modestly in the month of October till mid-Nov, there may be further upside potential on Wall Street.

“Traders will continue to monitor on the trade deal and trade tariffs that could be imposed during mid-Dec. As of this juncture, the Dow is uptrend with trading range located around 27,600-28,500.

“The positive progress in the US-China trade front, where officials from both the US and China have discussed and could be resolving further on the core issues of the trade deal could continue to lift the market sentiment.

“Also, traders could look into index heavyweights amid the window dressing activities in the month of December. The FBM KLCI may trade within a range of 1,580-1,620,” it said.