KUALA LUMPUR (March 29): The FBM KLCI managed to stay above the 1,750-point level at the midday break today despite retreating and losing its earlier gains.

At 12.30pm, the FBM KLCI dipped 3.79 points to 1,750.63. The index had earlier risen to its intra-morning high of 1,759.76.

Gainers led losers by 432 to 348, while 387 counters traded unchanged. Volume was 1.9 billion shares valued at RM1.1 billion.

The top losers included British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Far East Holdings Bhd, Hong Leong Financial Group Bhd, KESM Industries Bhd, BLD Plantation Bhd, Petronas Gas Bhd and Genting Plantations Bhd.

The actives included Dagang NeXchange Bhd, Permaju Industries Bhd, D.B.E. Gurney Resources Bhd, Konsortium Transnasional Bhd, Sanbumi Holdings Bhd and Malakoff Corporation Bhd.

The gainers included Panasonic Manufacturing Malaysia Bhd, Dutch Lady Milk Industries Bhd, Nestle (M) Bhd, United Malacca Bhd, Petron Malaysia Refining & Marketing Bhd, Tasek Corporation Bhd, Malaysia Airports Holdings Bhd and Hong Leong Industries Bhd.

Asian shares inched ahead on Wednesday while the US dollar and commodities held gains as investors shook off disappointment about US President Donald Trump's failed healthcare bill and focussed on an improving outlook for global growth, according to Reuters.

The good cheer did not extend to the pound which was on the skids as the British government sent a letter to Brussels formally starting the country's exit from the European Union, it said.

Kenanga IB Research said despite opening higher, the FBM KLCI index struggled to stay afloat above the 1,750 level throughout the day amidst some profit-taking activity.

Nonetheless, it said the FBM KLCI managed to climb up 9.47 points or 0.54% to close at 1,754.42 during the final hour yesterday.

It said on the chart, the FBM KLCI is still consolidating sideways on the back of tapering trading volume.

"Key technical indicators are still hovering at their respective overbought levels, suggesting that the key index could continue to consolidate further in the immediate term.

"Coupled with the absence of fresh domestic catalyst, we view that the underlying index is likely to continue on its sideways trading mode this week where overhead resistance are capped at 1.760 (R1)/1,774 (R2), and supports tied at 1,750 (S1)/1,740 (S2)," it said.