KUALA LUMPUR: Chinese trade data to be released today and earnings announcements from major US financial institutions due later this week are expected to cause some anxiety among investors following the improvement in sentiment over the previous week.
Liquidity in Asia is expected to be thin given Japan's markets staying closed for a national holiday while investors await the release of new leads.
MSCI's broadest index of Asia-Pacific shares outside Japan was barely changed at 490.97 points after climbing to the highest since early December on Friday.
At 9.05am, the FBM KLCI was 0.52 points higher at 1,683.74. Trading volume was 106.75 million shares valued at RM25.11mil. There were 136 advancers versus 79 decliners and 164 counters unchanged.
From a technical standpoint, Kenanga research said the outlook continues to lean towards a downside bias as the FBM KLCI's shorter-term simple moving averages (SMA) are still trading below its longer-term SMAs.
"Continued negative sentiment should see the index trend lower to its support levels at 1,615 (S1) and 1,600 (S2).
"Conversely, resistances can be identified at 1,700 (R1) and 1,750 (R2)," it said.
Top active counters in early trade were Hubline staying unchanged at 5.5 sen, Perisai Petroleum losing two sen to one sen and KNM unchanged at 8.5 sen.
Bursa Malaysia will be suspending Perisai Petroleum from trading effective Jan 22 after the group's proposed regularisation plan was rejected. This would be followed by a de-listing on Feb 13 unless the group appeals against the decision before Feb 10.
Meanwhile, heavyweights on the move included Hong Leong Bank rising 10 sen to RM20.76, Hong Leong Financial Group gaining six sen to RM19.48 and Petronas Chemicals, losing 10 sen to RM8.60.
In oil markets, prices turned higher on supply cuts from Opec and Russia as US drilling activity slowed. US crude rose 22 cents to US$51.81 a barrel while Brent crude gained 27 cents to US$60.75 a barrel.
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