KUALA LUMPUR (Jan 14): The FBM KLCI dipped 0.44% art mid-morning today as market breadth turned negative in line with the slide at most regional markets.

At 10am, the FBM KLCI fell 7.26 points to 1,635.28.

The top losers included P.I.E.Industrial Bhd, Petron Malaysia Refining & Marketing Bhd, Petronas Chemicals Group Bhd, MISC Bhd, Scientex Bhd, Globetronics Technology Bhd, Shell Refining Company (Federation of Malaya) Bhd, Southern Acids Bhd, Ajiya Bhd and Latitude Tree Holdings Bhd.

The actively traded stocks included Sanichi Technology Bhd, Sumatec Resources Bhd, JAG Bhd, ES Ceramics Technologies Bhd, AirAsia X Bhd and Tiger Synergy Bhd.

The gainers included British American Tobacco (M) Bhd, Lay Hong Bhd, Farm’s Best Bhd, Kuala Lumpur Kepong Bhd and Tasek Corporation Bhd.

Asian shares skidded on Thursday, taking their cue from steep losses on Wall Street as an overnight rout in oil prices heightened worries about the global economy, according to Reuters.

U.S. crude prices were up 0.8 percent at $30.72 a barrel, but still not far from Tuesday's nadir of $29.93, which was its lowest level since December 2003. Global benchmark Brent settled down 1.8 percent on Wednesday at $30.31 a barrel, after falling as low as $29.96. That marked its first move below $30 a barrel since April 2004, it said.

Hong Leong IB Research said that following a 2.2% carnage on Dow overnight and oil prices languished near 12-year low at US$30/barrel, the FBM KLCI is expected to continue its choppy mode ahead of the impending revised Budget 2016.

It said weekly key resistances are 1650 (100-d SMA) and 1674 (23.6% FR) while supports are situated at 1622, 1615 (50% FR) and 1600 psychological levels.

“Overall, we still believe severe downside risks are well-cushioned by the re-introduction of Valuecap funds, potential further stimulus measures from PBOC, positive ongoing progresses of 1MDB restructuring and resiliency in Malaysia’s economic fundamentals.

“Moreover, the undervalued ringgit could provide another good basis of return of foreign exposures on the Malaysian equities,” it said.