KUALA LUMPUR (Dec 5): The FBM KLCI struggled to notch up any gains in the morning session today, as bearish sentiment prevailed and sellers remained in charge.

At 12.30pm, the FBM KLCI was down 0.28 points to 1,712.85, paring down its losses from the intra-morning low of 1,708.48.

Losers led gainers by 465 to 156, while 486 counters traded unchanged. Volume was 911.82 million shares, valued at RM921.88 million.

The top losers included United U-Li Corp Bhd, Petron Malaysia Refining & Marketing Bhd, Malaysia Pacific Industries Bhd, Ajinomoto (M) Bhd, Allianz Malaysia Bhd, Hengyuan Refining Company Bhd, Aeon Credit Service (M) Bhd, Kossan Rubber Industries Bhd, Sime Darby Plantation Bhd and Top Glove Corp Bhd.

The actives included Trive Property Group Bhd, Berjaya Corp Bhd, Green Packet Bhd, Sime Darby Property Bhd, Vivocom Intl Holdings Bhd, Key Alliance Group Bhd and Hibiscus Petroleum Bhd.

The gainers included Petronas Gas Bhd, Hong Leong Financial Group Bhd, Petronas Dagangan Bhd, Genting Malaysia Bhd, Gas Malaysia Bhd, Nestle (M) Bhd, Landmarks Bhd, Telekom Malaysia Bhd, Berjaya Food Bhd and Pecca Group Bhd.

Asian shares were subdued on Tuesday, as investors' rotation out of technology shares took a toll on some of the region's tech heavyweights, although hopes of a major tax cut in the United States underpinned risk sentiment, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan were little changed, with a fall in semiconductor shares offset by gains in telecom and financial shares. Japan's Nikkei fell 0.5%, led by declines in high-flying technology shares, Reuters said.

Affin Hwang IB vice president and head of retail research Datuk Dr Nazri Khan Adam Khan said regional markets from Nikkei, Hang Seng, Kospi, Asx and most of Southeast Asia markets were trading lower this morning, due to lack of bullish catalysts.

He said technology stocks were expected to be among the most affected, following a more than 1% plunge in NASDAQ in overnight trading.

“Local market continues to be sluggish, despite improvement in ringgit.

“Technically, the current slide in the FBM KLCI has not reached an oversold level yet, hence present softness in the market may continue. The index’s immediate support range is seen to be between 1700-1650 levels,” Dr Nazri said.