KUALA LUMPUR (Jan 15): The FBM KLCI got off to a lacklustre start thi morning, tracking its regional peers.

At 9.05am, the FBM KLCI dipped 1.45 points to 1,674.71.

The decliners included Hong Leong Bank Bhd, Lingkaran Trans Kota Holdings Bhd, Hai-O Enterprise Bhd, Axiata Group Bhd, Tenaga Nasional Bhd, Petronas Chemicals Group Bhd, GHL Systems Bhd and Deleum Bhd.

Asian stocks stayed under pressure Tuesday, following a decline in their U.S. counterparts after weak economic data in Europe and China Monday added to concerns about slowing global growth. Treasuries were little changed and the yen held gains, according to Bloomberg.

Equities traded lower in Japan and were little changed in Australia. The S&P 500 fell for only the third time this month, led by technology companies after China’s slumping exports fueled worries about the growing impact of the U.S.-China trade war. Still, financials outperformed after Citigroup said the trading environment was starting to improve, helping to boost the bank’s stock. U.S. futures ticked higher, it said.

Kenanga IB Research said Asian markets closed lower following the release of Chinese’s government data that showed December exports and imports dropped lower-than-expected, triggering concerns of a potential slowdown in the World’s second-largest economy.

It said on the local front, the FBMKLCI fell 7.06 points (-0.42%) to close at 1,676.16 in tandem with negative market breadth where 557 bears outpacing 286 bulls while 292 counters unchanged.

“We continue to believe the technical outlook of the index is still leaning towards downside bias as its shorter-term SMAs remains below its longer-term SMAs.

“Continuous negative momentum will see it trend closer to its support level at 1,615 (S1) with a break below, will then see the index capitulate towards 1,600 (S2).

“Should the index be able to close above the 1,700 (R1) level, outlook will then be bullish with next resistance found at 1,750 (R2),” it said.