KUALA LUMPUR (Jan 7): The FBM KLCI pared some of its loss at the midday break today, as developments in China spooked most regional markets.

At 12.30pm, the FBM KLCI fell 5.99 points to 1,661.98. The index had earlier fallen to its intra-morning low of 1,655.55.

Market breadth was negative, with losers thumping gainers by 659 to 219; while 278 counters traded unchanged. Volume was 1.78 billion shares, valued at RM1.02 billion.

The top losers included Petronas Dagangan Bhd, United Plantations Bhd, Hong Leong Financial Group Bhd, Lafarge Malaysia Bhd, British American Tobacco (M) Bhd, Petron Malaysia Refining and Marketing Bhd, Suiwah Corporation Bhd and IJM Plantations Bhd.

The actively-traded stocks included Hubline Bhd, Instacom Group Bhd, ES Ceramics Technologies Bhd, Kim Teck Cheong Consolidated Bhd and AirAsia Bhd.

The gainers included Fiamma Holdings Bhd, Lay Hong Bhd, Tahps Group Bhd, Far East Corporation Bhd, Panasonic Malaysia Manufacturing Bhd, PPB Group Bhd and Success Transformer Corporation Bhd.

Asian stocks fell to a three-month low on Thursday, after China opted to keep guiding the yuan sharply lower, deepening concerns about the economy and the potential for competitive devaluations by other countries, according to Reuters.

Shanghai shares tanked more than 7% and trading was halted as the fall triggered a circuit breaker, despite recent supportive measures announced by Chinese authorities, it said.

BIMB Securities Research said in Asia, markets closed mostly lower yesterday, as investors were pressured by China economic slowdown, low oil prices and increased geopolitical tensions.

It said back home, the FBM KLCI ended positive, gained 2.27 points or 0.14% to 1,667.97, lifted by bargain hunting, after recent sell-down.

“Trading participation shows net selling by retail institutions, while local institutions and foreign institution were net buyers.

“We expect the local market to trend sideways, with the index hovering around 1,665-1,675,” it said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)