KUALA LUMPUR (Jan 13): The FBM KLCI opened up today on bargain hunting and as world markets take cue from the proposed signing of the Phase 1 trade deal between the US and China on Wednesday.

At 9am today, the KLCI opened up 1.53 points at 1,592.99. At 9:05am, the KLCI rose 1.58 points to 1,593.04. 

Across Bursa Malaysia at 9:09am, 220.87 million shares were traded for RM74.57 million. Top gainers included IHH Healthcare Bhd and Pelikan International Corp Bhd.

The KLCI rose in morning trades today on bargain hunting after closing down 4.19 points or 0.26% at 1,591.46 on Friday.

Today, analysts said Malaysian shares' technical indicators have weakened.

"Given the deteriorating technical trend and momentum indicators following
last week's correction, stocks are likely to extend sideways trade with
downward bias as trading momentum weakens," TA Securities Holdings Bhd wrote in a note today.

"The softer global crude oil prices will also see oil and gas-related counters ease back into consolidation mode, pending more upside catalysts ahead. Expect the recent choppy trading to persist as global geopolitical uncertainty remains elevated," TA said.

The planned US-China trade deal is closely watched. Reuters reported that Asian shares paused near 19-month peaks on Monday ahead of the expected signing on the Sino-US trade deal, though talks on a phase two package are likely to drag on for months.

It was reported that the main event of the week will be the signing of the Phase 1 trade deal between the US and China on Wednesday. The Trump administration has invited at least 200 people to the White House for the ceremony.