KUALA LUMPUR (Jan 18): The FBM KLCI opened lower this morning in line with the slump at global markets last Friday and weaker outlook for regional markets.

At 9am, the FBM KLCI fell 4.07 points to 1,624.48.

The top losers included Petronas Gas Bhd, Shell Refining Company (Federation of Malaya) Bhd, Tenaga Nasional Bhd, Latitude Tree Holdings Bhd, Dutch Lady Milk Industries Bhd, KESM Industries Bhd, Globetronics Technology Bhd, Cycle & Carriage Bintang Bhd and Boustead Holdings Bhd.

Asian shares are set to slide to near their 2011 troughs on Monday following weak U.S. economic data and falls in oil prices that showed no sign of abating, stoking further worries about a global economic downturn, according to Reuters.

The Nikkei futures' Friday close suggests Japan's Nikkei is likely to fall more than two percent, below its September trough to one-year lows while Australian shares on Monday fell 1.7 percent, it said.

JF Apex Securities Research in a market preview today said US markets tumbled on Friday after oil price fell below US$30 per barrel and continuous selldown in China's stock market.

Similarly, it said European stocks declined sharply following concern of global economic slowdown.

“On the local market, the FBM KLCI lost 4.89 points after a last minute sell off pushed the index to its intraday low of 1628.55 points.

“Following the bearish performance of Wall Street and global markets, the index is expected to test its support at 1620 points.

“Market direction could be influenced by the announcement of China's GDP today,” it said.