KUALA LUMPUR (Nov 29): The FBM KLCI remained below the 1,720-point mark at the midday break today, as selling pressure persisted at the local market.

At 12.30pm, the FBM KLCI pared its gains to be up 2.94 points to 1,717.36. The index had earlier risen to its intra-morning high of 1,719.43.

Losers led gainers by 332 to 268, while 501 counters traded unchanged. Volume was 890.87 million shares, valued at RM1.04 billion.

The top gainers included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Tenaga Nasional Bhd, Hengyuan Refining Company Bhd, Pentamaster Corp Bhd, Tong Herr Resources Bhd, Wellcall Holdings Bhd, Gamuda Bhd, Hong Leong Industries Bhd and Petronas Chemicals Group Bhd.

The actives included Green Packet Bhd, Malaysian Resources Corporation Bhd, Diversified Gateway Solutions Bhd, PUC Bhd, DGB Asia Bhd, Karambunai Corp Bhd, Press Metal Aluminium Holdings Bhd, UMW OIL & Gas Corp Bhd, Hibiscus Petroleum Bhd and Tenaga.

The decliners included United Plantations Bhd, British American Tobacco (M) Bhd, Bintulu Port Holdings Bhd, Aeon Credit Service (M) Bhd, Enra Group Bhd, Carlsberg Brewery Malaysia Bhd, Malaysia Pacific Industries Bhd and Petronas Gas Bhd.

The dollar held firm on Wednesday, after Wall Street shot to record peaks amid signs of progress on U.S. tax cuts, while Bitcoin topped US$10,000 on more exchanges, as appetite for digital currencies showed no sign of fading. Asian share markets were not as jubilant, held back by caution over the latest missile test by North Korea and concerns at recent softness in Chinese shares. MSCI's broadest index of Asia-Pacific shares outside Japan was up just a fraction, while China's blue chip index eased 0.5%. 

Among the better performers, Japan's Nikkei added 0.4%, while Australia's main index rose 0.7%, according to Reuters.

The prospects for a U.S. tax cut seemed to improve, after Senate Republicans rammed forward their bill in a partisan committee vote that set up a full vote by the Senate as soon as Thursday, although details of the measure remained unsettled, Reuters said.

CIMB Retail Research said there was no surprise that the local key index continued to succumb to selling pressure yesterday, amid bearish market breadth.

“The index is on the verge of heading down towards the 1,705 double top measurement target, after it fell below 1,716.

“Resistance: 1,729 & 1,750. Support: 1,705 & 1,685,” the research house said.