KUALA LUMPUR (Dec 18): The FBM KLCI is seen extending its losses today in line with the overnight fall at most global markets, with immediate support at 1,650 points.

Broad stock declines in Europe and the United States dragged world equity markets lower on Monday, adding to a sell-off that has sent global stocks near 17-month lows, according to Reuters.

The MSCI world equity index, which tracks shares in 47 countries, slipped 0.7 percent as declines in U.S. and European markets offset modest gains in Asia overnight, it said.

Wall Street's Dow Jones Industrial Average fell 325.9 points, or 1.35 percent, to 23,774.61, the S&P 500 lost 28.84 points, or 1.11 percent, to 2,571.11 and the Nasdaq Composite dropped 75.77 points, or 1.1 percent, to 6,834.90, said Reuters.

AllianceDBS Research in its trading pulse Dec 17 said the weekly FBM KLCI had in the week ended Dec 14 traded lower to 1,652.63 before settling at 1,661.96 (down 18.58 points or 1.11%).

It said following the down close, the weekly FBM KLCI is likely to move lower with immediate support at 1,650.

The research house said a fall below 1,650 would put pressure on the index down to the subsequent support zone, 1,600 – 1,615.

It said market hurdle is pegged at 1,677. A crossover of 1,677 should see a test of next resistance at 1,700.

AllianceDBS Research said the moving average analysis shows that the weekly FBM KLCI is in a downtrend as the 50-week MA line is pointing down south.

Based on corporate announcements and news flow yesterday, stocks in focus today may include WZ Satu Bhd, Destini Bhd, CIMB Group Holdings Bhd, Hai-O Enterprise Bhd, Top Glove Corp Bhd, Scomi Group Bhd, Tune Protect Group Bhd and Hiap Teck Venture Bhd.