KUALA LUMPUR (Feb 17): The FBM KLCI drifted lower in early trade, tracking the pause at regional markets, dragged by select index-linked blue chips.  

At 9.05am, the FBM KLCI shed 0.36 points to 1,544.10.

The early decliners included British American Tobacco (M) Bhd, Genetec Technology Bhd, Petronas Gas Bhd, Public Bank Bhd, Maxis Bhd, Gamuda Bhd, AMMB Holdings Bhd, Petronas Chemicals Group Bhd and Axiata Group Bhd.

Reuters said Asian shares stepped back from three-week highs on Monday as investors weighed the near-term hit on global growth from a fast-spreading coronavirus outbreak in China, although expectations of further policy stimulus helped stem losses.

It said trading is expected to be light as U.S. stocks and bond markets will be shut on Monday for a public holiday.

Affin Hwang Capital Research said the FBMKLCI Index gained 5.3 points or 0.3%, to close at 1544.46 on Friday.

It said the brief technical rebound seen recently perceived to have ended and the resumption of the prevailing downward movement is currently in progress.

“Overall, we opine that the index may trade sideways with downward bias, potentially retesting the 1520 key level in the near-term.

“On a side note, investors/traders can pay closer attention to the health care and technology sectors. In terms of technical, these two sectors are steadily trending higher which shows a positive sign in the near future.

“Anticipate the index to trade with downward bias,” it said.