KUALA LUMPUR (Jan 8): The FBM KLCI pared some of its losses at mid-morning but remained weak in line with global markets.

At 10am, the FBM KLCI was down 0.31 points at 1,654.82 points. The index had earlier slipped to a low of 1,648.66 points.

The top losers included Panasonic Malaysia Manufacturing Bhd, Scientex Bhd, Globetronics Technology Bhd, Kuala Lumpur Kepong Bhd, Aeon Credit Services (M) Bhd, Hong Leong Financial Group Bhd, Malaysian Pacific Industries Bhd, Top Glove Corporation Bhd, Genting Plantations Bhd and Inari Amertron Bhd.

The actively traded stocks included Instacom Group Bhd, Hubline Bhd, Borneo Oil Bhd, ES Ceramics Technologies Bhd and RGB International Bhd.

The gainers included Petronas Dagangan Bhd, British American Tobacco (M) Bhd, Lay Hong Bhd, Fiamma Holdings Bhd, Petron Malaysia Refining & Marketing Bhd, Tien Wah Corporation Bhd and Genting Bhd.

Asian shares are on course to post their biggest weekly fall in more than four years as investors dumped risk assets on fears over China's economy and its turbulent financial markets, according to Reuters.

China announced late on Thursday it suspended its new stock market circuit breaker introduced only on Monday as the system failed to reduce market volatility, with some market players even saying it backfired, it said.

Hong Leong IB Research said investors will closely monitor the reopening of SHCOMP today after the China Securities Regulator said it would suspend its four-day-old circuit-breaker system. Hence, 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 1,622–1,644 while resistances are 1,674–1,700," it said.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)