KUALA LUMPUR (March 28): The FBM KLCI dipped 0.19% and drifted below the 1,860-point level at midday break today, tracking softer global markets.

At 12.30pm, the FBM KLCI was down 3.69 points to 1,858.76. The index had earlier fallen to its intra-morning low of 1.855.12.

Losers led gainers by 422 to 154, while 507 counters traded unchanged. Volume was 964.09 million shares, valued at RM653.64 million.

Top losers included KESM Industries Bhd, Ajinomoto (M) Bhd, Petron Malaysia Refining & Marketing Bhd, Malaysian Pacific Industries Bhd, ViTrox Corp Bhd, Nestle (M) Bhd and Genting Malaysia Bhd.

The actives included Hibiscus Petrioleum Bhd, Sapura Energy Bhd, Media Chinese International Bhd, Tiger Synergy Bhd, Accsoft Technology Bhd, KNM Group Bhd and Sino Hua-An International Bhd.

The gainers included LPI Capital Bhd, Panasonic Manufacturing Malaysia Bhd, Heineken Malaysia Bhd, Hai-O Enterprise Bhd, Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd and Tasco Bhd.

Asian shares fell on Wednesday, after Wall Street was knocked hard by concerns about tighter controls on the tech industry, denting a brief global equities recovery driven by hopes that the risk of a U.S.-China trade war was easing, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.9%, with tech-heavy Korean shares falling 1.4%, Reuters said.

Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said volatility in the equity market continues as tech rout punishes US stocks as treasuries surge.

He said the sudden selloff in technology shares sent US equity benchmarks lower, with losses accelerating late in the last trading session.

“The S&P 500 index fell by 1.7% to 2,612.62. The Dow lost 344.89 points (1.4%) to 23,857.71.

“Meanwhile, stocks on Bursa Malaysia is expected to move in tandem with soft global markets.

“Nonetheless, the FBM KLCI Index components and other large quality stocks are likely to trade higher, on the back of positive ringgit outlook and firmer crude oil price,” Dr Nazri said.