KUALA LUMPUR (June 22): The FBM KLCI pared much of its loss at the midday break today as index-linked banking stocks advanced for the benchmark index to regain some lost ground.

At 12.30pm, the FBM KLCI was down 2.45 points to 1,689.87. The index had earlier slipped to its intra-morning low of 1,678.03.

Losers led gainers by 288 to 208, while 550 counters traded unchanged. Volume was 944.01 million shares valued at RM829.76 million.

The top losers included British American Tobacco (M) Bhd, KESM Industries Bhd, Ayer Holdings Bhd, Tenaga Nasional Bhd, Superlon Holdings Bhd, Kuala Lumpur Kepong Bhd, PPB Group Bhd, Kossan Rubber Industries Bhd, MISC Bhd and Time dotCom Bhd.

The actives included Sapura Energy Bhd, PUC Bhd, My E.G. Services Bhd, Telekom Malaysia Bhd, Iris Corp Bhd, YTL Corp Bhd and Berjaya Corp Bhd.

The gainers included United Plantations Bhd, Fraser & Neave Holdings Bhd, Public Bank Bhd, Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, RHB Bank Bhd and Dutch Lady Milk Industries Bhd.

Asian shares slid to their lowest in six months on Friday, on signs US trade battles with China and many other countries are starting to chip away at corporate profits, while oil prices were choppy ahead of an OPEC meeting to discuss raising output, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped as much as 0.35% at one point to touch its lowest since early December, it said.

Kenanga IB Research said Asian markets closed mostly lower yesterday, with China's markets falling once again amidst trade war tensions.

It said that similarly, the FBM KLCI declined 17.43 points (1.02%) to end at 1,692.32, on the back of a hugely negative broader market with 748 losers against only 199 gainers, while 357 counters traded unchanged.

"Technically, the index remains bearishly biased at this juncture. Recent trend lines are highly negative, with key SMAs currently in a "Death Cross", while the MACD [has] also formed a bearish crossover.

"From here, look towards supports at 1,680 (S1) and possibly 1,615 (S2).

"Should a turnaround occur, overhead resistances can be found at 1,720 (R1) and 1,760 (R20)," it said.