KUALA LUMPUR (Nov 1): The FBM KLCI looked set to start off November on a weaker note, extending its loss at mid-morning.

At 10am, the FBM KLCI fell 2.85 points to 1,745.07.

The top losers included British American Tobacco (M) Bhd, Tasek Corp Bhd, KLCC Property Holdings Bhd, Evokest Bhd, Allianz Malaysia Bhd, Success Transformer Corp Bhd, Globetronics Technology Bhd, Telekom Malaysia Bhd and Lafarge Malaysia Bhd.

The actives included Ekovest shares and warrants, mTouche Technology Bhd, JAG Bhd, Borneo Oil Bhd, Hubline Bhd, Malayan United Industries Bhd and EA Holdings Bhd.

The gainers included Press Metal Aluminium Holdings Bhd, Nestle (M) Bhd, Batu Kawan Bhd, PMB Technology Bhd, Panasonic Manufacturing Malaysia Bhd, Malaysia Airports Holdings Bhd and icapital.biz Bhd.

Asian shares looked set to extend their gains into a fourth straight day on Wednesday on the back of solid economic growth, while oil prices were on a bull run on hopes of an extension of output cuts by major oil producers, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3% in early trade while Japan's Nikkei gained 1%, it said.

Hong Leong IB Research in a traders' brief said investors are taking a cautious stance ahead of the conclusion of the FOMC meeting as the discussion will be important for the December interest rate hike decision.

"Meanwhile, we opine that the uptrend position on the Dow is intact to retest the 23,500 level after a mild retracement.

"Similarly, the FBM KLCI could trend sideways over the near term moving into the month of reporting season, which investors will be focusing on earnings to firm up their investment decisions moving forward.

"Also, positive trading activities may linger within oil and gas stocks as the Brent crude oil sustained above US$60," it said.