KUALA LUMPUR (Nov 20): The FBM KLCI dipped to below the 1,720-point level at midday break today, in line with weakness at most regional markets.

At 12.30pm, the FBM KLCI fell 3.19 points to 1,718.47. The index had earlier risen to its intra-morning high of 1,725.35.

Losers led gainers by 414 to 182, while 533 counters traded unchanged. Volume was 1.04 billion shares, valued at RM819.06 million.

The top losers included Dutch Lady Milk Industries Bhd, Heineken Malaysia Bhd, ViTrox Corp Bhd, Chin Teck Plantations Bhd, Kossan Rubber Industries Bhd, Genting Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd and OSK Ventures International Bhd.

The actives included Trive Property Group Bhd, Sumatec Resources Bhd, DGB Asia Bhd, Kejuruteraan Asastera Bhd, Diversified Gateway Solutions Bhd, TH Heavy Engineering Bhd, Hibiscus Petroleum Bhd, Vivocom Intl Holdings Bhd, Ho Wah Genting Bhd and Palette Multimedia Bhd.

The gainers included Nestle (M) Bdh, Malaysian Pacific Industries Bhd, TRIplc Bhd, British American Tobacco (M) Bhd, Hock Heng Stone Industries Bhd, Far East Holdings Bhd, Goh Ban Huat Bhd and Top Glove Corp Bhd.

Asian shares eased on Monday, with investor sentiment hurt by a retreat on Wall Street and sliding Chinese stocks, while the euro skidded after German coalition talks hit an impasse, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan extended losses and was down 0.2%, Reuters said.

CIMB Retail Research said the technical rebound on Friday (Nov 17) on the better-than-expected Malaysia's GDP growth for the third quarter, triggered a reversal in the form of a bullish harami pattern.

The research house said this pattern indicates a reduction of selling pressure.

“Moreover, the market might see some bargain hunting activities today, amid firmer ringgit and also oil prices.

“To confirm the follow-through rebound, a close above the said pattern high at 1,726 is required. However, any rebound might not be enough to negate the longer term negative view, as the index is still trading below all the EMAs.

“Resistance: 1,729 & 1,750. Support: 1,705 & 1,685,” the research house said.