KUALA LUMPUR (Dec 18): The FBM KLCI opened lower today on some mild profit taking in line with the slip at regional markets following the overnight decline at Wall Street.

At 9am, the FBM KLCI fell 4.75 points to 1,651.77.

The early decliners included British American Tobacco (M) Bhd, Top Glove Corporation Bhd, Ajinomoto (M) Bhd, IHH Healthcare Bhd, Ibraco Bhd,IOI Corporation Bhd, Maxis Bhd, Petronas Gas Bhd and Telekom Malaysia Bhd.

Asian shares took their cue from Wall Street and slipped on Friday, but were still on track for gains in a week marked by a depreciating yuan in China and the first U.S. interest rate hike in nearly a decade,according to Reuters.

By contrast, Taiwan's central bank cut interest rates for the second time this year and said it would keep monetary policy loose to shore up growth in the island's trade-dependent economy as the global demand outlook worsened, it said.

Hong Leong IB Research in a market preview today said the FBM KLCI may witness some profit taking, mirroring the overnight Wall St fall and sliding oil prices.

“However, we see buying opportunities near 1622-1644 zones as any downside risk will be well-cushioned by the seasonal pre-Santa Claus & year-end window dressing rally (please refer our Tradersbrief dated 17 Dec), Valuecap factor, potential further monetary easing from PBOC, recovery in ringgit and ongoing positive progresses of 1MDB scandal,” it said.