KUALA LUMPUR (Dec 17): The FBM KLCI finished 0.42% or 7.06 points lower today at 1,674.35, snapping a two-day gaining streak.

The retreat today was largely on account of declines in Hong Leong Financial Group Bhd, Petronas Dagangan Bhd and RHB Bank Bhd.

Rakuten Trade Research vice president Vincent Lau said the decline was on account of profit-taking and news about the uplifting of the short-selling ban come Jan 1 next year. "It is likely a reaction due to lifting of the ban yesterday, combined with profit-taking activities," he said.

Across the local bourse, decliners dominate with 666 counters dropping versus 422 that saw gains, while 601 went unchanged.

Top actives were Sapura Energy Bhd, Sino Hua-An International Bhd and Bumi Armada Bhd. Top gainers were Kuala Lumpur Kepong Bhd, UWC Bhd and Ralco Bhd. Fraser & Neave Holdings Bhd, Nestle Malaysia Bhd and Carlsberg Brewery Malaysia Bhd were the biggest losers today.

In terms of trading volume, 9.24 billion shares worth RM4.33 billion were traded.

The local benchmark index also swam against the current today, as other key regional indices had posted gains.

The Shanghai Composite was up by 1.13% or 37.89 points at 3,404.87, while the Hong Kong's Hang Seng finished 0.82% or 218.09 points higher at 26,678.38. The Nikkei 225 in Japan was up by 0.18% or 49.27 points at 26,806.67. As for South Korea's Kospi, it dipped  0.05% or 1.36 points to 2,770.43.

Reuters reported that for the most part, stocks worldwide saw gains today as monetary support and hopes of fiscal stimulus in the US gave rise to a festive cheer. “US Federal Reserve Chairman Jerome Powell vowed on Wednesday to keep pouring cash into markets until the US economic recovery is secure,” it wrote.