KUALA LUMPUR (Aug 19): The FBM KLCI dipped 0.36% in choppy trade at the midday break Wednesday as select index-linked stocks including Hartalega Holdings Bhd and Public Bank Bhd dragged and the local bourse extended its consolidation, against the backdrop of firm regional markets.

At 12.30pm, the FBM KLCI fell 5.64 points to 1,572.21. The index had earlier risen to a high of 1,584.36.

Gainers edged losers by 349 to 341, while 641 counters traded unchanged. Trading volume was 5.65 billion shares valued at RM4.25 billion.

The top losers included Hartalega, Fraser & Neave Holdings Bhd, Kossan Rubber Industries Bhd, Supermax Corp Bhd, Nestle (M) Bhd, PPB Group Bhd, British American Tobacco (M) Bhd and Public Bank.

The actively traded stocks included XOX Bhd, DGB Asia Bhd, Vsolar Group Bhd, Notion VTec Bhd, Borneo Oil Bhd, Sapura Energy Bhd and MQ Technology Bhd.

The gainers included Adventa Bhd, Petronas Dagangan Bhd, HLT Global Bhd, Komarkcorp Bhd, UWC Bhd, LPI Capital Bhd and VS Industry Bhd.

Reuters said Asian shares climbed to a seven-month peak on Wednesday tracking the S&P 500, which scaled all-time highs driven by ever-expanding policy stimulus aimed at cushioning the blow to economies from the coronavirus pandemic.

MSCI's broadest index of Asia-Pacific shares outside of Japan rose 0.3%, up for a third straight day to 570.80 points, a level not seen since late January, it said.

Hong Leong IB Research said it still expects the KLCI to engage in a short-term range-bound consolidation (within 1,539-1,600 range) amid domestic political uncertainty, a weak August reporting season, increasing numbers of new Covid-19 clusters, the detection of virus mutation D614G (10 times more infectious) and heightened US-China geopolitical tension.

“However, rotational sectoral buying interests on energy, financial services, healthcare, technology, ACE companies will continue to keep overall trading volume buoyant after the last few days of broad-based consolidation,” it said.