KUALA LUMPUR (Aug 24): The FBM KLCI reversed its earlier losses at the midday break today but sentiment remained weaker with sellers outpacing buyers.

At 12.30pm, the FBM KLCI was up 0.64 points to 1,683.71. The index had earlier dipped to its intra-morning low of 1,678.93.

Losers led gainers by 433 to 238, while 342 counters traded unchanged. Volume was 1.03 billion shares valued at RM722.66 million.

The gainers included DKSH Holdings (M) Bhd, British American Tobacco (M) Bhd, Genting Bhd, Kuala Lumpur Kepong Bhd, Ajinomoto (M) Bhd, Goldis Bhd, Petronas Gas Bhd, Sime Darby Bhd, Cahya Mata Sarawak Bhd and PPB Group Bhd.

The actives included AirAsia X Bhd, Xidelang Holdings Ltd, M3 Technologies (Asia) Bhd, AirAsia Bhd, Vivocom Intl Holdings Bhd, Iris Corp Bhd and Borneo Oil Bhd.

The losers included Dutch Lady Milk Industries Bhd, Carlsberg Brewery Malaysia Bhd, AirAsia, Aeon Credit Service (M) Bhd, Heineken Malaysia Bhd, Oriental Holdings Bhd, Apex Healthcare Bhd and Hong Leong Financial Group Bhd.

Asian stocks consolidated recent gains on Wednesday, helped by Wall Street's rise overnight, even as oil prices slid after a surprise build in US crude stocks, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.3% in early trade. It has risen more than 14% since late June to hit a one-year high last week, it said.

Kenanga IB Research said that underpinned by the weaker ringgit performance against the greenback and declining crude oil prices which fell below the US$50/bbl (RM201.81/bbl) mark, the FBM KLCI traded mostly in the red during yesterday's session as it ended 8 points or 0.47% lower to settle at 1,683.07.

It said investors' sentiment has also turned more wary as depicted by the bearish-bias market breadth of 579 decliners against 263 advancers.

"On the chart, the FBM KLCI is still retracing further away from its near-1,700 high level last week.

"In tandem with the declining trading volume, the persistent rolling over of indicators such as relative strength index and Stochastic from their overbought state is implicating further downside pressure on the key index.

"From here, we reckon that the key index could be poised for further downside pressure and look to retest the sustainability of the 1,680 (S1) support level today. Next immediate support could be found at 1,674 (S2) should the S1 level be broken," it said.