KUALA LUMPUR (April 24): The FBM KLCI vacillated between gains and losses as investors took cue from higher US government bond yields and as the global aluminium price drop hit KLCI-linked Press Metal Aluminium Holdings Bhd shares.

US government bond yields, which neared 3%, led to expectation of higher demand for US dollar-denominated assets. Such sentiment did not bode well for Asian markets. 

At Bursa Malaysia, the KLCI climbed 3.1 points to 1,883.46 at 9:01am. At 9:27am, the KLCI was 0.6 point lower at 1,879.76 as Press Metal Aluminium shares led Bursa Malaysia decliners. 

Press Metal Aluminium dropped 34 sen to RM4.76. The stock saw some four million share traded.

TA Securities Holdings Bhd wrote in a note today : "(Malaysian) Stocks are likely to extend profit-taking consolidation due to overbought technical momentum following the recent rally on key index heavyweights to record highs."