KUALA LUMPUR (Oct 20): The FBM KLCI fell 0.29 point as the ringgit weakened against a strengthening US dollar after the US Senate approved a budget blueprint for the 2018 fiscal year, which will help Republicans pursue a tax-cut package without Democratic support.

At 12:30pm, the KLCI settled at 1,743.70 points after falling to its intraday low at 1,742.17 points. In currency markets, the ringgit weakened to 4.2260 against the US dollar at 12:47pm.

Across Bursa Malaysia, trading volume was 1.38 billion shares worth RM637.39 million. Decliners outpaced gainers by 310 to 259 respectively.

Malacca Securities Sdn Bhd said in a note that the general market outlook in Malaysia "remains wary and uncertain with the downside bias poised to continue" as the KLCI's 1,740-point support level has now come into play.

Credit Suisse said Association of Southeast Asian Nations (Asean) stocks are the most expensive in Asia excluding Japan after India, even after underperforming North Asia equities by 60% since the lows in early 2013, Bloomberg reported, quoting Credit Suisse strategists Sakthi Siva and Kin Nang Chik as saying in a note.

"Philippines, Indonesia, Malaysia are still expensive. Thailand, which was upgraded to neutral in June quarter, is now the fifth most overvalued market in Asia ex Japan. Singapore is the only Asean market which looks attractive on valuations," Bloomberg reported.