KLCI opens lower in line with weaker global markets

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opening_market_down_theedgemarket

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KUALA LUMPUR (Oct 28): The FBM KLCI opened lower on Tuesday in line with the wobbnly regional and global markets.

At 9am, the FBM KLCI shed 0.02 points to 1,823.13.

The top losers included BAT, MISC, Felda Global, BIMB, IHH, Karex, Eco World, Lafarge Malaysia, Sunway, Amway and Axiata.

Regionally, Asian shares wobbled in early trade on Tuesday, with investors cautious ahead of the U.S. Federal Reserve's two-day meeting and as oil prices extended declines, according to Reuters.

The Fed is expected to announce the completion of its quantitative easing programme after a two-day meeting starting later in the session and will likely reinforce its stated willingness to wait a long while before hiking interest rates after a volatile month in financial markets, it said.

Hong Leong IB Research in a market preview Tuesdauy said that technically, on the back of ongoing Dow’s rebound, expectations of dovish remarks by Fed on 29-30 Oct FOMC meeting and slightly improved Eurozone economic data and positive ECB’s banks stress test), the FBM KLCI was likely to retest the research house’s short term resistance near 1825-1834 levels this week.

“However, the path will not be smooth as other external headlines such as the Ebola outbreak, the sliding oil prices and geopolitical tensions will continue to remain wild cards affecting market gyrations.

“Short term technical resistances are 1825-1834 while supports fall on 1778-1800,” it said.