KUALA LUMPUR (July 10): The FBM KLCI opened down today with Asian equity indices after US share gauges and crude oil prices ended lower in overnight trade.

It was reported that in the US, the  S&P 500 and Dow Jones Industrial Average dropped yesterday as investors worried about another round of business shutdowns to contain a surge in Covid-19 cases and began to shift their focus to earnings, while the Nasdaq hit another record closing high.

On Bursa Malaysia today, the KLCI fell 4.8 points to 1,578.45 at 9.01am before dropping 7.49 points to 1,575.76 at 9.02am.

"Taking cues from another pullback on Dow and Brent oil prices overnight and ahead of the Parliament resitting on July 13, the KLCI is likely to trend sideways today with key resistance near 1,590 to 1,600, while support falls in the 1,575-1,580 zone,” Hong Leong Investment Bank Bhd analyst Ng Jun Sheng wrote in a note today.

Overnight in the US,  the Dow fell 361.19 points, or 1.39%, to 25,706.09 and the S&P 500 lost 17.89 points, or 0.56%, to 3,152.05, though the Nasdaq Composite added 55.25 points, or 0.53%, to 10,547.75.

In crude oil markets, it was reported that oil prices fell about US$1 (RM4.27) a barrel yesterday as investors worried that renewed lockdowns to contain the spread of Covid-19 in the US would again sink fuel consumption.

Brent crude futures fell 94 cents, or 2.2%, to settle at US$42.35 a barrel after gaining 0.5% on Wednesday. US West Texas Intermediate (WTI) crude futures fell US$1.28, or 3.1%, to settle at US$39.62 a barrel.

"As the US, Brazil and other countries continue to get hammered by Covid-19, demand is at stake,” Reuters quoted Louise Dickson, an oil market analyst at Rystad Energy, as saying.