KUALA LUMPUR (Nov 20): The main index at Bursa Malaysia drifted lower early Friday, tracking muted regional markets as U.S. futures slid in Asian trading.

At 9.05am, the FBM KLCI shed 2.26 points to 1,581.40.

The early decliners included Public Banking Bhd, Pharmaniaga Bhd, Tenaga Nasional Bhd, Hong Leong Financial Group Bhd, Malayan Banking Bhd, LBI Capital Bhd and Hong Leong Capital Bhd.

Bloomberg said U.S. futures slid in Asian trading Friday after a clash between Treasury Secretary Steven Mnuchin and the Federal Reserve on its emergency lending facilities.

Asian stocks looked set for a muted open, it said.

Inter-Pacific Research Sdn Bhd in its daily bulletin said although it anticipated the market’s retreat, the pullback was more severe-than-expected as the selling/profit taking actions escalated towards the end of yesterday’s session to leave the key index at its intraday low.

However, it said with market conditions still toppish, there remains downside pressure over the near-term that could extend the consolidation spell for a third session and to end the week on a lower note.

“We think that there could bouts of support to ease some of the downside pressure and this may cushion the key index’s pullback to the 1,560-1,570 levels for the time being.

“ If the selling escalates further, however, then the key support of 1,550 points will come into play.

“On the other hand, the resistances are at 1,590 and the psychological 1,600 points respectively,” it said.