KUALA LUMPUR (April 12): The FBM KLCI eked out marginal gains at the midday break today as sellers led buyers at the local market.

At 12.30pm, the FBM KLCI was up 1.61 points to 1,737.45. The index had earlier dipped to its intra-morning low of 1,735.06.

Losers led gainers by 445 to 332, while 379 counters traded unchanged.

Volume was 2.11 billion shares valued at RM810.47 million.

The top gainers included HCK Capital Group Bhd, British American Tobacco (M) Bhd, Petron Malaysia Refining & Marketing Bhd, Bursa Malaysia Bhd, PPB Group Bhd, Scientex Bhd, Kim Loong Resources Bhd, Cocoaland Holdings Bhd and Turbo-Mech Bhd.

The actives included Malayan United Industries Bhd, Key Alliance Group Bhd, Hubline Bhd, AT Systematization Bhd, Ho Wah Genting Bhd, Priceworth International Bhd, PUC Founder (MSC) Bhd and mTouche Technology Bhd.

The top losers included Ajinomoto (M) Bhd, KESM Industries Bhd, Aeon Credit Service (M) Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd, ViTrox Corporation Bhd, Superlon Holdings Bhd, JHM Consolidation Bhd, Panasonic Manufacturing Malaysia Bhd and Enra Group Bhd.

Investors ducked for cover on Wednesday as a drumbeat of alarming geopolitical news sent the safe-haven yen and gold to five-month highs and yields on top-rated sovereign bonds to their lowest for the year so far, according to Reuters.

The unease tarnished an otherwise brightening outlook for global economic growth and put equities on the defensive, it said.

Kenanga IB Research said that yesterday, the FBM KLCI dipped 3.68 points or 0.21% to close at 1,735.84 as blue chips have been taking a step back from investors' radar as of recent, while second-liners have been taking the spotlight as depicted by the strong trading volume yesterday.

It said that on the chart, the FBM KLCI is still trending on its downtrend trajectory after reaching a multi-month high level of 1,760 back in March 29.

"There is still persistent weakness among the bulls as depicted by the negative trending of MACD, RSI and Stochastic.

"However, downside could be limited at the 1,727–1,734 region, given the increasingly oversold condition.

"That said, with investors' sentiment still plagued by the growing geopolitical concerns in the absence of fresh catalyst, the FBM KLCI is likely to continue on its downside-bias trade this week.

"Overhead resistance are capped at 1,740 (R1)/1,750 (R2), while supports are tied at 1,727 (S1)/1,714 (S2)," it said.