KUALA LUMPUR (Jan 3): The FBM KLCI inched higher in early trade this morning on some mild bargain hunting, against the backdrop of weaker regional markets.

At 9.05am, the FBM KLCI added 2.79 points to 1,670.90.

The early gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, Hong Leong Bank Bhd, PPB Group Bhd, MISC Bhd, Kuala Lumpur Kepong Bhd, Aeon Credit Service (M) Bhd and Carlsberg Brewery Malaysia Bhd.

Shares in Asia fell on Thursday and US stock futures dropped sharply after Apple Inc cut its revenue forecast due in part to weaker sales in China, adding to concerns about the slowing global economy, according to Reuters.

The Cupertino, California-based tech giant blamed fewer iPhone upgrades and slowing sales in China for the rare revenue warning, its first since 2007. Its shares tumbled 8% in after-hours trade, it said.

Kenanga IB Research said Asian stocks saw losses on its first trading day of 2019 following surveys that showed Chinese manufacturing data weakening.

It said back home, the FBM KLCI slipped 22.47 points (-1.33%) to close at 1,668.11.

The research house said the technical outlook continues to lean towards a downside bias as the index formed a long bearish candlestick and is trading below its key SMAs.

“We opine that the index may continue to trend down, given the poor signals from key momentum indicators, but may find support at 1,615 (S1) or 1,600 (S2) next.

“Should the benchmark index close above the 1,700 (R1) level, we see a potential move towards the 1,750 (R2) level next,” it said.