KUALA LUMPUR (Feb 25): The FBM KLCI fell as investors took profit following the index's gain yesterday and as crude oil prices declined.

At 9:05am, the KLCI fell 1.75 points or 0.1% to 1,816.93 as oil and gas-related shares like Petronas Gas Bhd and SapuraKencana Petroleum Bhd declined.

"Rotational trading plays on penny and small-cap stocks should highlight retailers' participation, while a recent dip on oil prices due to supply glut worries dampen oil & gas- related counters," TA Securities Holdings Bhd wrote in a note today.

Yesterday, the KLCI rose 9.29 points or 0.51% to close at 1,818.68.

Today, Reuters reported that Brent April crude fell 24 cents to settle at US$58.66 a barrel, after reaching US$60.30. U.S. April crude fell 17 cents to settle at US$49.28, off a US$50.33 intraday peak. Crude oil prices dropped on world supply concerns.

Bursa Malaysia saw some 88 million shares worth RM28 million changed hands. There were 138 gainers versus 83 decliners.

Top gainer was British American Tobacco (M) Bhd while Genting Plantations Bhd led decliners. The most-active stock was ManagePay Systems Bhd.

The ringgit strengthened against the US dollar at 3.6195 and compared to the Singapore dollar, the ringgit was firmer at 2.6690.

The ringgit strengthened after Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz said the currency could be undervalued. Zeti however said the ringgit's performance would reflect the country’s economic fundamentals over time.

Across Asia, Japan's Nikkei erased earlier gains for a 0.1% drop while South Korea's Kospi rose 0.63%.

Bloomberg reported that Asian stocks gained, with the regional benchmark extending a five-month high, after Federal Reserve Chair Janet Yellen indicated an increase in interest rates is unlikely before mid-year.

Markets in Hong Kong and China have yet to open, with mainland markets resuming trading following the Lunar New Year holidays. A preliminary gauge of China’s manufacturing due today from HSBC Holdings Plc and Markit Economics is expected to signal a third month of contraction.