KUALA LUMPUR (Feb 22): The FBM KLCI drifted lower in early trade on Thursday, weighed by select index-linked constituent stocks.

At 9.10am, the benchmark index had dipped 0.18% or 2.75 points to 1,549.65.

The top decliners included PPB Group Bhd, Kotra Industries Bhd, Tenaga Nasional Bhd, Apex Healthcare Bhd, Kobay Bhd, Scientex Bhd, Axiata Group Bhd and Genting Bhd.

The actives included Dagang NeXchange Bhd, Reneuco Bhd, Datasonic Group Bhd, Dialog Group Bhd, Perdana Petroleum Bhd and CIMB Group Holdings Bhd.

The gainers included Malaysian Pacific Industries Bhd, Hong Leong Industries Bhd, Dutch Lady Milk Industries Bhd, Ajinomoto (Malaysia) Bhd and Heineken Malaysia Bhd.

Apex Securities in a market outlook said it anticipates the KLCI to trade flat on Thursday, influenced by weakened global stock market sentiment.

The research house said the lower liners may brace for a consolidation following the recent rally.

Meanwhile, it said semiconductor stocks are expected to attract buying interest, following Nvidia's better-than-expected earnings and guidance, along with a surge in Nasdaq futures.

“Additionally, oil and gas counters may resume their uptrend after the [recent] rebound in oil prices, driven by market assessments of near-term supply tightness due to geopolitical tensions in the Middle East.

“We remain bullish on export-related stocks, as the prolonged high interest rates in the US are likely to weaken the ringgit against the US dollar,” it said.

Bloomberg said Japanese stocks and US futures rose on Thursday in a sign of fresh momentum in global equities, after Nvidia Corp unveiled a better-than-expected revenue forecast.

Japanese shares rallied, supported by a depressed yen, pushing the Nikkei 225 Index to within a whisker of its 1989 record high.

South Korean shares also rose, while Australian shares erased early losses. US futures climbed, reversing a small decline for the Nasdaq 100 and bolstering a small gain for the S&P 500.