KUALA LUMPUR (Jan 11): The FBM KLCI dipped 0.47% at mid-morning today as select blue chips fell in line with the cautious regional markets.

At 10.02am, the FBM KLCI lost 7.75 points to 1,649.86.

The top losers included Petronas Gas Bhd, Malaysian Pacific Industries Bdh, Petronas Chemicals Group Bhd, Tien Wah Corporation Bhd, Public Bank Bhd, Nestle (M) Bhd, MISC Bhd and Sime Darby Bhd.

The actives included Guan Chong Bhd warrant, Tiger Synergy Bhd, PUC Founder Bhd, My E.G. Services Bhd, SYF Resources Bhd, JAG Bhd and The Media Shoppe Bhd.

The gainers included British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Petron Malaysia Refining & Marketing Bhd, PPB Group Bhd, Danainfra Nasional Bhd and Cycle & Carriage Bintang Bhd.

Asian share markets faced a testing time on Monday after Wall Street suffered its worst starting week in history and doubts over Beijing's policy choices sent investors into the arms of the safe-haven yen and sovereign bonds, according to Reuters.

The absence of Tokyo for a holiday only made liquidity even harder to come by, heightening the risk of volatility. Indeed, currency markets were already seeing wild swings with the South African rand collapsing over 10 percent at one stage, it said.

Hong Leong IB Research said the FBM KLCI’s near term outlook will remain choppy amid unresolved internal and external headwinds.

“Nevertheless, we believe severe downside risks are well-shielded by the reintroduction of Valuecap funds, potential further monetary easing from PBOC, positive ongoing progresses of 1MDB restructuring, resiliency in Malaysia’s economic fundamentals and sovereign ratings and the undervalued Ringgit could provide another good basis of return of foreign exposures on the Malaysian equities.

“Near term supports are 1600-1622 while resistances are 1674-1700,” it said.