KUALA LUMPUR (Dec 22): The FBM KLCI remained in the negative zone at the midday break in tandem with struggling regional markets.

At 12.30pm, the benchmark index fell 2.09 points to 1,627.50, having stayed in the red for the whole of the morning session.

Losers led gainers by 364 to 170, while 336 counters traded unchanged. Volume was 537.68 million shares valued at RM377.96 million.

The top decliners included Teck Guan Perdana Bhd, Apollo Food Holdings Bhd, Genting Bhd, British American Tobacco (Malaysia) Bhd, KESM Industries Bhd, Malaysia Airports Holdings Bhd, NPC Resources Bhd, Ajinomoto (Malaysia) Bhd and Malayan Banking Bhd.

The actives included Hibiscus Petroleum Bhd, Iris Corp Bhd, Malaysia Building Society Bhd, Borneo Oil Bhd, Trive Property Group Bhd and MQ Technology Bhd.

The gainers included Panasonic Manufacturing Malaysia Bhd, Hai-O Enterprise Bhd, Bursa Malaysia Bhd, Malaysian Pacific Industries Bhd, Kuala Lumpur Kepong Bhd, PPB Group Bhd, Ta Ann Holdings Bhd and Hap Seng Plantations Holdings Bhd.

Asian shares struggled on Thursday after a lacklustre performance on Wall Street, with investors looking to US economic data later in the day for potential catalysts even as markets started winding down ahead of the holidays, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan erased early modest gains and slipped 0.3%, while Japan's Nikkei stock index was down 0.2%, it said.

Kenanga IB Research said that weighed down mainly by the robust greenback at RM4.4792/USD and lack of fresh domestic catalyst, the FBM KLCI slipped 4.93 points or 0.3% to 1,629.59 during yesterday's session.

It said the broader market was still lacklustre with 369 bears outpacing 353 bulls, while 345 counters were left unchanged.

"Technical-wise, the FBM KLCI attempted to climb above the 1,640 level but to no avail.

"A 'bearish engulfing' candlestick was formed on the daily chart, providing indication of possible future bearish trend.

"Tapering momentum indicators (flat MACD histogram and relative strength index, retracing Stochastic) are stamping the case for a downside-bias consolidation play for the remainder of the week within 1,620–1,640.

"We see overhead resistance capped at 1,632 (R1) and 1,650 (R2), while key supports are noted at 1,620 (S1) and 1,600 (S2)," it said.