KUALA LUMPUR (Feb 27): The FBM KLCI struggled to to remain above the 1,700-point level at the midday break today as sellling persisted on Bursa Malaysia, despite the regional markets reversing earlier losses.

At 12.30pm, the FBM KLCI rose 3.68 points to 1,702.03. The index had earlier slipped to its intra-morning low of 1,697.19.

Losers led gainers by 505 to 297, while 314 counters traded unchanged. Volume was 1.80 billion shares, valued at RM806.44 million.

The top gainers included Danainfra Nasional Bhd, Kuala Lumpur Kepong Bhd, Panasonic Malaysia Manufacturing Bhd, Allianz Malaysia Bhd, PPB Group Bhd, Petronas Dagangan Bhd, Malaysia Airports Holdings Bhd, KESM Industries Bhd, Rapid Synergy Bhd, Petron Malaysia Refining and Marketing Bhd, Shell Refining Company (Federation of Malaya) Bhd and Apex Healthcare Bhd.

The actives included AT Systemization Bhd, KNM Group Bhd, Sterling Progress Bhd, Perisai Petroleum Teknologi Bhd, Dagang NeXchange Bhd, Borneo Oil Bhd and Hibiscus Petroleum Bhd.

The losers included Dutch Lady Milk Industries Bhd, Kawan Food Bhd, Lafarge Malaysia Bhd, Aeon Co (M) Bhd, Westports Holdings Bhd, IQ Group Bhd, Scientex Bhd and Petronas Gas Bhd.

Asian stocks erased early losses but stayed below 19-month highs on Monday, as a renewed drop in sovereign bond yields on political concerns prompted some investors to move to the sidelines after a recent rally, according to Reuters.

Markets remained in recent broad trading ranges, and interest is focused on U.S. President Donald Trump's speech to a joint session of Congress on Tuesday night, where he is expected to unveil some elements of his plans to cut taxes, it said.

AffinHwang Capital Research said regional markets turned cautious after U.S. stocks settled at dizzying high on last minutes push during the last trading hour.

It said major stock markets from Japan to Australia were consolidating this morning, on concerns stock prices have moved way ahead of fundamentals, combined with high probable of U.S.’s rates hike in the near future.

“Distribution patterns are currently unfolding in major markets globally. It’s time for investors to rebalance their portfolio and to expect short term consolidation in the near term.

“Short-term consolidation in progress, FBMKLCI may rebound anytime, but the upside might be limited, distribution phase kicks in,” it said.