KUALA LUMPUR (Oct 13): The FBM KLCI edged up in early trade today but its gains are seen limited, given the waning global risk appetite underpinned by the jittery sentiment during the U.S. corporate earnings season.

At 9.06am, the FBM KLCI added 1.12 points to 1,668.15.

The early gainers included Panasonic Malaysia Manufacturing Bhd, Petronas Gas Bhd, KESM Industries Bhd, Dutch Lady Milk Industries Bhd, SAM Engineering & Equipment Bhd, Malaysia Airports Holdings Bhd, Genting Malaysia Bhd, Padini Holdings Bhd and Genting Bhd.

Asian stocks held near three-week lows and the greenback consolidated recent gains on Thursday after minutes of the last U.S. Federal Reserve policy meeting indicated a December rate increase was still on the cards, according to Reuters.

Risk appetite waned, with MSCI's broadest index of Asia-Pacific shares outside Japan easing 0.2 percent, its lowest since Sept. 21. Early stock markets were mixed with Australia down 0.5 percent while New Zealand stocks up 0.4 percent, it said.

JF Apex Securities Research in a market preview today said US markets were mixed after the Federal Reserve's September meeting minutes suggests a rate hike in December.

It said that earlier, European stocks ended lower as oil prices and tech counters dropped. 

“On the local market, the FBM KLCI dropped 1.69 points to 1667.03 points.

“Following the mixed performance in the US and Europe, the FBM KLCI could extend its sideways trend between 1650 and 1675 points as market sentiment affected by concerns over rate hike in US, retreat in crude oil prices and continued weakening of the ringgit against US dollar,” it said.