KUALA LUMPUR (Aug 8): The FBM KLCI eked out limited gains at the midday break today as sentiment at the local market turned bearish in line with the flattish regional bourses.

At 12.30pm, the FBM KLCI was up a mere 0.25 points to 1,778.16. The index had earlier risen to its intra-morning high of 1,780.73.

Losers thumped gainers by 575 to 112, while 456 counters traded unchanged. Volume was 1.27 billion shares valued at RM907.72 million.

The gainers included Ajinomoto (M) Bhd, PLB Engineering Bhd, United Plantations Bhd, Oriental Interest Bhd, Kossan Rubber Industries Bhd, LPI Capital Bhd, CIMB Group Holdings Bhd and Bintulu Port Holdings Bhd.

The actives included Frontken Corp Bhd, Dagang NeXchange Bhd, AirAsia X Bhd. Compugates Holdings Bhd, Aemulus Holdings Bhd, Hibiscus Petroleum Bhd, Kronologi Asia Bhd, Globaltec Formation Bhd and ManagePay Systems Bhd.

The losers included Malaysia Smelting Corp Bhd, Aeon Credit Service (M) Bhd, KESM Industries Bhd, Hong Leong Financial Group Bhd, Malaysian Pacific Industries Bhd, Heineken Malaysia Bhd, Magni-Tech Industries Bhd, Batu Kawan Bhd and Petron Malaysia Refining & Marketing Bhd.

Asian shares went flat on Tuesday as disappointing Chinese trade data clouded the otherwise upbeat outlook on global growth, leaving currencies and commodities becalmed in summer doldrums, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan gave up modest early gains to be barely changed, though it was still within a whisker of its recent decade high, it said.

Kenanga IB Research said Asian markets started the week on a positive note as investors digested the better-than-expected corporate earnings and last Friday's news on US jobs data.

It said on the local front, the FBM KLCI vacillated between gains and losses during the morning session before climbing in the second half to close 3.38 points or 0.19% higher at 1,777.91.

However, the research house said the broad market sentiment continued to be weaker with 516 losers outpacing 363 gainers while 356 counters traded unchanged.

"From a charting standpoint, yesterday's gains demonstrated some follow-through buying in the FBM KLCI as evidenced by the slight increase in trading volume.

"At present, the RSI remains in bullish territory above the 50-point mark.

"Near-term bias is expected to be on the upside towards 1,789 (R1) and 1,795 (R2) before encountering a stronger degree of profit taking. Conversely, the downside support levels can be found at 1,771 (S1) and 1,789 (S2)," it said.