KUALA LUMPUR: As key regional markets surge during morning trade on Wednesday Dec 16, FBM KLCI fell into negative territory following charges in the news that index-linked counters saw an uncharacteristic jump in prices in late trading Tuesday.

The stock exchange reportedly said it was aware of the pattern of trade and was undertaking relevant analysis.

At 10am, FBM KLCI was down 4.63 points or 0.36% to 1,266.18. Top index heavyweight losers include Maybank slipping 11 sen to RM6.79, MISC losing 15 sen to RM8.70 and Genting down 6 sen to RM7.06. Index gainers were cruise operator Genting Malaysia up 3 sen to RM2.82, BAT gaining 30 sen to RM43.00 and power utility TNB up 1 sen to RM8.40.

OSK Research in its morning report said that immediate strong support for the FBM KLCI lies at the 50-day moving-average line, which is now situated at the 1,258 point-level. To the upside, there is an immediate resistance at the 1,270 point-level, followed by the 1,288 point-level, and the 1,300-mark, the report said.

The broker also said that the index looked like it was breaking out of its short-term downtrend, but would only be confirmed when the index breaks past its previous peak of 1,270 points last seen in October this year.

Meanwhile regional markets' surge was led by banking stocks in Japan with the Nikkei 225 up 1% to 10,184.05 following news that Japan may delay tighter banking capital regulations and crude oil price continued its climb after breaking past US$70 per barrel yesterday.

At 10am, Hong Kong's Hang Seng Index climbed 0.35% to 21,890.94, China's Shanghai Composite Index was up 0.72% to 3,298.13 and Singapore's Straits Times Index added 0.30% to 2,807.00.