KUALA LUMPUR (Jan 15): The FBM KLCI reversed its gains at mid-morning on Thursday, in line with the decline at most regional markets.

At 10am, the FBM KLCI fell 3.37 points to 1,738.64. The index had earlier risen to a high of 1,750. 94.

The top losers included British American Tobacco (M) Bhd, Petronas Gas Bhd, UMW Holdings Bhd, Tenaga Nasional Bhd, Genting Bhd, Gas Malaysia Bhd, Kuala Lumpur Kepong Bhd, Telekom Malaysia Bhd and Hong Leong Financial Group Bhd.

The actives included CIMB Group Holdings Bhd, Kronologi Asia Bhd, Daya Materials Bhd, KNM Group Bhd, Pasukhas Group Bhd and Perisai Petroleum Teknologi Bhd.

The top gainers included Tasek Corporation Bhd, Tasco Bhd, CIMB, Malayan Banking Bhd, RHB Capital Bhd, Dutch Lady Milk Industries Bhd, Coastal Contracts Bhd and DRB-Hicom Bhd,

Asian stocks slipped on Thursday after weak U.S. data compounded worries over plunging copper prices and the health of the world economy, while a bounce in crude oil failed to calm anxiety over a supply glut that has seen prices collapse in recent months, according to Reuters.

The mood among investors remained subdued after a fourth successive drop on Wall Street overnight, pushing MSCI's broadest index of Asia-Pacific shares outside Japan down 0.2 percent, it said.

Stocks in Australia, heavily dependent on exports of natural resources, lost 0.7 percent, though Japan's Nikkei bounced 0.5 percent, said Reuters.

Hong Leong IB Research reiterated that the FBM KLCI must stage a decisive breakout above downtrend line (now at 1740) for a further resumption to higher targets of 1750-1770 zones in the short term.

“Failure to do so will witness further market consolidation with the FBM KLCI trading range bound within 1693 (23.6% FR) -1740 levels,” it said.