KUALA LUMPUR (March 27): The FBM KLCI opened lower this morning, tracking the fall at regional markets, dragged by select blue chips led by Public Bank Bhd.

At 9.05am, the FBM KLCI dipped 2.36 points to 1,647.58.

The early decliners included Public Bank, SCGM Bhd, Wong Engineering Corp Bhd, Hong Leong Bank Bhd, Kim Loong Resources Bhd, IOI Corp Bhd, Aeon Credit Services (M) Bhd and 7-Eleven Malaysia Holdings Bhd.

Asian stocks fell in early Wednesday trading, with markets falling into a choppy pattern as investors weigh disappointing economic signs against a decisive turn towards accommodation by major central banks, according to Bloomberg.

The bulk of losses came in Japan, where more than two thirds of companies traded without the right to current dividends. Declines for equities in Seoul and Sydney were more modest, yet in contrast to the positive session on Wall Street overnight. Energy stocks helped push the S&P 500 Index higher on Tuesday as oil climbed. Treasury yields were steady, while the yen trimmed overnight losses, it said.

Kenanga IB Research said Asian markets ended mostly higher as it rebounded from a regional sell-off on Monday after looming worries of U.S. recession spooked the market.

The research house said the FBMKLCI gained 0.79 points (+0.05%) to close marginally higher at 1,649.94. 

“Technically, the outlook of the index remains bearish as its 20-and-50 day SMAs crossed below its 100-day SMA.

“However, we do not discount the possibility of a short technical rebound, should RSI enter the oversold territory.

“Should a technical rebound happen, the 1,660 (R1) and 1,700 (R2) would be its key resistance levels. Conversely, support levels can be identified at 1,630 (S1) and 1,615 (S2),” it said.