KUALA LUMPUR (Aug 23): The FBM KLCI clawed back at the midday break to reverse its earlier loss and reclaim the 1,600-point level, despite the muted regional markets.

At 12.30pm, the FBM KLCI gained 1.2 points to 1,603.67. The index had earlier fallen to a low of 1,594.59.

Losers, however, led gainers by 298 to 219, while 484 counters traded unchanged. Volume was 976.14 million shares valued at RM673.44 million.

The gainers included Allianz Malaysia Bhd, Panasonic Manufacturing Malaysia Bhd, Fraser & Neave Holdings Bhd, Ajinomoto (M) Bhd, Heineken Malaysia Bhd, Petronas Dagangan Bhd and MBM Resources Bhd.

The actives included Green Packet Bhd, Vsolar Group Bhd, MNC Wireless Bhd, AirAsia X Bhd, i-Stone Group Bhd and NetX Holdings Bhd.

The losers included British American Tobacco (M) Bhd, Maxis Bhd, Amway (M) Holdings Bhd, Hap Seng Consolidated Bhd, Nestle (M) Bhd, LPI Capital Bhd, Genting Plantations Bhd, YNH Property Bhd, MSM Malaysia Holdings Bhd and Mega First Corp Bhd.

Asian shares struggled to make headway on Friday as uncertainty over how much further the US Federal Reserve (Fed) would cut interest rates added to investors' worries over slowing global growth, according to Reuters.

With a trade war between the United States and China dragging on, and political tumult in Hong Kong, Italy and Britain adding to the tense backdrop, investors were keenly awaiting Fed Chair Jerome Powell's speech at a gathering of central bankers in Jackson Hole, Wyoming, later in the day (1400 GMT), it said.

Affin Hwang Capital Research said the FBM KLCI Index moved higher in yesterday's session, gaining 7.88 points or 0.49%, closing at 1,602.47.

The research house said selling pressure seems to have eased off as the index is now taking a breather, trading sideways for the past week.

"Technical indicators are showing improvements — MACD (moving average convergence divergence) is curving up, attempting to cross above Signal line (golden-cross) while RSI (relative strength index) & Stochastic are exiting oversold regions. All of these point towards momentum starting to move towards the upside.

"Short-term technical rebound in progress. Nonetheless, medium-term downward bias remains," it said.