KUALALUMPUR (Jan 14): The FBM KLCI dipped in early trade on Wednesday, weighed by losses including at CIMB Group Holdings Bhd, Sime Darby Bhd and Petronas-linked counters.

At 9.12am, the FBMKLCI fell 7.77 points to 1,741.13.

Gainers led losers by 135 to 98, while 139 counters traded unchanged.Volume was 86.63 million shares valued at RM62.88 million.

The top losers included UMW Holdings Bhd, Hong Leong Financial Group Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, Petronas Dagangan Bhd, Hong Leong Bank Bhd, Pos Malaysia Bhd, Sime Darby and CIMB.

At the global markets, the euro was pinned near nine-year lows on Wednesday as investors wagered the European Central Bank was just a week away from launching a new stimulus campaign, while concerns about the global economy kept Asian equities subdued, according to Reuters.

There was no reprieve for commodities with oil near six-year lows while copper prices dropped further below $6,000 per tonne to their weakest level in more than five years, it said.

Not helping the mood was news the World Bank had lowered its global growth forecasts because of sluggishness in the euro zone, Japan and some major emerging economies, said Reuters.

BIMB Securities Research in its market preview Wednesday said that Asian equities were firmer on Tuesday possibly due to some bargain hunting activities.

Locally, it said the FBM KLCI was up 13.82 points at 1,748.90 buoyed by CIMB Group Holdings Bhd (+14.3%) following news that its merger with RHB Capital Bhd will be called off.

“However, foreign funds continue with their selling on the local bourse as we saw yet another net outflow of RM215 million yesterday.

“Notwithstanding this, we presume domestic liquidity will continue to prop up the market with the 1,750 as the immediate resistance level,” it said.