KUALA LUMPUR (Jan 12): The FBM KLCI edged up in early trade today on some mild bargain hunting but the general outlook for the local market remains choppy.

At 9.06am, the FBM KLCI added 3.21 points to 1,640.80.

The top gainers included Lay Hong Bhd, Petronas Gas Bhd, Top Glove Corporation Bhd, Malaysian Pacific Industries Bhd, petron Malaysian Refining & Marketing Bhd, Petronas Dagangan Bhd, Hartalega Holdings Bhd, Tenaga Nasional Bhd and Asia File Corporation Bhd.

Asian shares hovered near four-year lows and oil prices languished at near 12-year lows on Tuesday as investors fretted over whether Beijing may be losing control of the economy, Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent in early trade but still stood near a four-year low touched on Monday, and was still down more than 8 percent since the start of 2016, it said.

JF Apex Securities Research in a market preview today said US markets closed slightly higher overnight amid decline in biotech and energy stocks, and lower prices of commodities.

Similarly, it said European stocks plummeted after China's 5% plunge yesterday and oil price hitting a 12-year low.

“On the local bourse, the FBM KLCI plunged 20.02 points to 1637.59 points in line with the slump in the Chinese stock market.

“With the lingering negative sentiment as crude oil prices barely above US$30/barrel, the FBM KLCI is expected to trend lower towards its next support of 1620 points,” it said.