KUALA LUMPUR (Aug 17): The FBM KLCI lost 1.54% at the midday break today as the local market extended its losses as market remained bearish.

At 12.30pm, the FBM KLCI lost 24.18 points to 1,572.64.

Market breath was negative with 794 losers and 93 gainers, while 189 counters traded unchanged. Volume was 1.17 billion shares valued at RM767.48 million.

The top losers included Nestle (M) Bhd, Rapid Synergy Bhd, Carlsberg Brewery (M) Holdings Bhd, Shang-ri La Hotels (Malaysia) Bhd, British American Tobacco (M) Bhd, BLD Plantation Bhd, Tasco Bhd, UMW Holdings Bhd, LPI Capital Bhd, Aeon Credit Services (M) Bhd and Genting Plantations Bhd.

The actively traded stocks included Sumatec Resources Bhd, SapuraKencana Petroleum Bhd, Tiger Synergy Bhd, Bumi Armada Bhd, Nexgram Holdings Bhd and AirAsia Bhd.

The gainers included MSM Holdings Bdh, Lay Hong Bhd, Guinness Anchor Bhd, Genting Malaysia Bhd and Adventa Bhd.

Asian equities were mostly lower on Monday, dragged down by faltering Chinese stocks, while the dollar held modest gains against the euro after upbeat US economic data, with a further dollar rise seen as the yuan showed signs of stabilising for now, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7%, it said.

AffinHwang Capital Research said Bursa Malaysia was expected to extend weakness on multi-year low Asian currencies, China-Japan currency war and impending US Federal Reserve rate hikes.

The research house said the downward trend was expected to continue and volatility in currency and commodity markets remained.

“Domestic economic news positive hence may cushion downside risk.

“Technically, market breadth and volumes remain weak while the FBM KLCI continues to trade within the oversold level.  

“The FBM KLCI lingers around major support lines, 1,590–1,520 range assumes to be the 'Bulls territory' hence strong supports anticipated to emerge,” it said.