KUALA LUMPUR (Jan 11): The FBM KLCI reversed its gains and dipped at the midday break today as heavyweights Public Bank Bhd and Tenaga Nasional Bhd fell.

At 12.30pm, the FBM KLCI dipped 1.86 points to 1,677.02. The index had earlier risen to a high of 1,684.99.

Gainers led losers by 413 to 294, while 323 counters traded unchanged. Volume was 1.6 billion shares valued at RM850.06 million.

The losers included United Plantations Bhd, British American Tobacco (M) Bhd, Allianz Malaysia Bhd, Malaysia Airports Holdings Bhd, Public Bank, Scientex Bhd, Tenaga, Gamuda Bhd, UMW Holdings Bhd and Petronas Chemicals Group Bhd.

The actives included FGV Holdings Bhd, Bumi Armada Bhd, Sapura Energy Bhd, Yong Tai Bhd, Daya Materials Bhd, Tatt Giap Group Bhd, Hibiscus Petroleum Bhd and Zelan Bhd.

The gainers included Dutch Lady Milk Industries Bhd, KESM Industries Bhd, Malaysian Pacific Industries Bhd, Cayha Mata Sarawak Bhd, Sarawak Oil Palms Bhd, RHB Bank Bhd, Kuala Lumpur Kepong Bhd and Nestle (M) Bhd.

Asian stocks inched up to five-week highs on Friday, after Chairman Jerome Powell reiterated the Federal Reserve (Fed) will be patient about raising interest rates and news that trade talks between Washington and Beijing are moving to higher levels, according to Reuters.

As the Fed's dovish stance kept a lid on the US dollar, China's yuan rose to its highest levels in more than five months and was on course for its biggest weekly gains since the 2005 revaluation in onshore trade, it said.

Hong Leong IB Research said in the US, the current rebound in stock markets could be due for a pullback on the back of potential weakness in the upcoming reporting season, which will be starting next week.

"Also, market participants could be eyeing the trade developments between the US [and] China before the deadline in early March. Should there be any negative surprises from the trade front, we opine that Wall Street may retrace with heighten volatility moving [forward].

"While we expect positive sentiment to spill over towards Malaysia's equities, profit-taking activities are likely to emerge on the broader market after the recent relief rebound on bashed down stocks within the technology and construction sectors.

"Nevertheless, traders may continue to look out for opportunities within the oil and gas sector amid healthy recovery in Brent oil prices," it said.