KUALA LUMPUR (Sept 27): The FBM KLCI looked poised to extend its loss for the seventh day running, after it fell 0.12% at midday break today, dragged by key index heavyweights.

At 12.30pm, the FBM KLCI shed 2.14 points to 1,763.45. The index had earlier climbed to its intra-morning high of 1,768.19.

Losers edged gainers by 288 to 279, while 470 counters traded unchanged. Volume was 1.03 billion shares, valued at RM786.56 million.

The top losers included Panasonic Manufacturing Malaysia Bhd, Superlon Holdings Bhd, Genting Bhd, Genting Plantations Bhd, Star Media Group Bhd, Boustead Holdings Bhd, Kuala Lumpur Kepong Bhd, Westports Holdings Bhd, Tenaga Nasional Bhd, CIMB Group Holdings Bhd and MISC Bhd.

The actives included Hubline Bhd, Frontken Corp Bhd, Hibiscus Petroleum Bhd, Permaju Indusries Bhd, Icon Offshore Bhd, UMW Oil & Gas Corp Bhd, Alama Maritim Reources Bhd and Palette Multimedia Bhd.

The gainers included Hartalega Holdings Bhd, JHM Consolidation Bhd, Hai-O Enterprise Bhd, British American Tobacco (M) Bhd, Ann Joo Resources Bhd, Heineken Malaysia Bhd, Southern Steel Bhd and Petronas Gas Bhd.

Asian shares rose on Wednesday, as investors hoped for progress on major tax reform in the United States, while the dollar hovered near one-month highs on growing expectations of a U.S. interest rate increase in December, according to Reuters.

The administration and Republicans in Congress are due to outline a tax plan on Wednesday. If passed, it would be the first significant legislative victory for U.S. President Donald Trump since taking office in January, Reuters said.

CIMB Retail Research said the local bourse posted a sixth consecutive day of losses on Tuesday, as the reignited United States-North Korea geopolitical tensions dampened market sentiment.

The research house said despite lackluster sentiment, the key index formed a Hammer candle yesterday, suggesting selling momentum could be waning.

“Hence, we would not rule out that the index may stage a technical rebound soon.

“Moreover, we expect some window-dressing activities to kick in this week. Resistance: 1,780 & 1,793. Support: 1,760 & 1,742,” it added.