KUALA LUMPUR (Nov 27): The FBM KLCI reversed its gains at mid-morning and slipped into negative territory as sentiment at the local market turned bearish.

At 10am, the FBM KLCI fell 1.08 points to 1,716.15. The index had earlier risen to a high of 1,718.37.

The top losers included Panasonic Manufacturing Malaysia Bhd, Petronas Gas Bhd, Batu Kawan Bhd, Ann Joo Resources Bhd, Supermax Corporation Bhd, Kuala Lumpur Kepong Bhd, Shangri-La Hotels (Malaysia) Bhd, CN Asia Corp Bhd, C.I. Holdings and CSC Steel Bhd.

The actives included Supermax, DGB Asia Bhd, PUC Bhd, UMW Oil & Gas Corp Bhd, China Stationery Ltd and DBE Gurney Reources Bhd.

The gainers included Nestle (M) Bhd, Lafarge Malaysia Bhd, Prestariang Bhd, Hartalega Holdings Bhd, Petronas Dagangan Bhd, PMB Technology Bhd, Top Glove Corp Bhd, DiGi.Com Bhd and Malaysia Airports Holdings Bhd.

Asian stocks hovered near a decade high on Monday as a robust business outlook continued to support investor risk appetite, while the euro reached a two-month top against the dollar, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan swerved in and out of the red and was last a shade lower at 567.94, still in striking distance of a 10-year peak of 570.21 scaled on Thursday, it said.

Hong Leong IB Research in a traders’ brief said in spite of the near term uncertainty about the US tax overhaul plans and Fed latest concern on rising asset prices, Dow’s downside risks are likely to be well cushioned for the time being amid positive economy & corporate earnings outlook, supportive monetary policies and bets that the Trump administration will deliver tax cuts and other business-friendly policies.

“Key supports are 22,900-23,100 while resistances fall on 24,000-24,300 levels.

“Despite recent rimggit and oil price strength, we reiterate that KLCI will continue to lag behind the regional markets’ outperformance, underpinned largely by GE14 uncertainty, pessimism of 2018 earnings prospects coupled with the sustainability of Malaysia strong GDP due to recent weak 3Q17 CSI/BCI and Oct PMI data.

“Moreover, KLCI’s technical bearish trend after violating 200-d SMA support in mid Oct and its recent failure to break above 1738 may prolong downward consolidation. Weekly supports are 1700-1706 while resistances fall at 1728-1738 levels,” it said.