KUALA LUMPUR (March 21): The FBM KLCI opened lower this morning with support seen at 1,700-point level.

At 9.01am, the FBM KLCI opened 1.89 points lower at 1,714.45.

The top losers included Petronas Gas Bhd, PPB Group Bhd, IHH Healthcare Bhd, Kuala Lumpur Kepong Bhd, Berjaya Sports Toto Bhd, Petronas Chemicals Group Bhd, Time dotCom Bhd, Can-One Bhd, Hap Seng Consolidated Bhd and Malaysia Airports Holdings Bhd.

Asian stocks took a step back on Monday after three consecutive weeks of gains as a retreat in oil prices left investors in a ponderous mood about the health of the global economy, according to Reuters.

Oil prices slipped for a second day, extending Friday's slide of over 1% after the US rig count rose for the first time since December, renewing worries of a supply glut after an output freeze proposal had helped boost the market to 2016 highs, it said.

JF Apex Securities Research in a market preview today said that US markets gained on Friday after riding on the bullish momentum following the Federal Reserve's statement of less interest rate hike on Wednesday.

It said that similarly, European stocks also closed higher despite fluctuations in oil prices.

"On the local bourse, the FBM KLCI rallied 13.15 points to 1,716.34 points on foreign buying.

"Following the positive performance in the US and Europe, the FBM KLCI is expected to extend its uptrend with resistance at 1,725 points," it said.