KUALA LUMPUR (Jan 10): The FBM KLCI bucked the global trend and fell 0.24% at midday break on Friday, remaing below the crucial 1,600-point mark.

At 12.30pm, the FBM KLCI dipped 3.75 points to 1,591.90.

Losers led gainers by 320 to 230, while 492 counters traded unchanged. Volume was 1.52 billion shares, valued at RM710.95 million.

The top losers included Batu Kawan Bhd, Allianz Malaysia Bhd, Petronas Dagangan Bhd, Carlsberg Brewery Malaysia Bhd, Hong Leong Financial Group Bhd, Aeon Credit Service (M) Bhd, Subur Tiasa Holdings Bhd, JF Technology Bhd and Westports Holdings Bhd.

The actives included Vortex Consolidated Bhd, DGB Asia Bhd, Mudajaya Group Bhd, Sapura Energy Bhd, London Biscuits Bhd, Icon Offshore Bhd, Dataprep Holdings Bhd and TDM Bhd.

The gainers included United Plantations Bhd, KESM Industries Bhd, Malaysian Pacific Industries Bhd, Mega First Corp Bhd, ViTrox Corp Bhd, Syarikat Takaful Malaysia Keluarga Bhd, PMB Technology Bhd and Dutch Lady Milk Industries Bhd.

The world's shares hit a record high on Friday, as a relief over de-escalation of U.S.-Iranian tensions quickly prompted investors to bet on faster global growth, especially in the technology sector, according to Reuters.

MSCI's broadest gauge of the world's stocks in 49 countries rose a tad to hit an all-time high and its index of Asia-Pacific shares outside Japan rose 0.18%, Reuters said.

Affin Hwang Capital Research said the FBMKLCI Index gained 6.55 points or 0.4% to close at 1595.65 on Thursday.

The research house said the index rebounded slightly in yesterday’s session. Nonetheless, price action seems to indicate prices are gradually sliding lower.

“This is supported by key technical indicators on the daily chart: 1) MACD has crossed below the Signal line, staging a “bearish-cross”, 2) RSI & Stochastic are pointing lower, exited overbought territories which point towards growing downward momentum.

“Hence, we may possibly see the index slide towards the 1575 minor support in the near-term. 

“Anticipate index to trade sideways with downward bias,” Affin Hwang Capital said.