KUALA LUMPUR (Oct 13): The FBM KLCI slipped at mid-morning today as mild profit taking chipped off earlier gains in line with hesitant regional markets.

At 10am, the FBM KLCI was down 1.24 points to 1,708.62.

The top losers included Kuala Lumpur Kepong Bhd, Guinness Anchor Bhd, PPB Group Bhd, Top Glove Corporation Bhd, Dutch Lady Milk Industries Bhd, KLCC Property Holdings Bhd, Amway (M) Holdings Bhd, Carlsberg Brewery (M) Holdings Bhd, Keck Seng (Malaysia) Bhd and Tenaga Nasional Bhd.

The actively traded stocks included XOX  Bhd, Iris Corporation Bhd, AirAsia Bhd, Frontken Corporation Bhd, KNM Group Bhd and UEM Sunrise Bhd.

The top gainers included British American Tobacco (M) Bhd, Lafarge Malaysia Bhd, Petronas Dagangan Bhd, Teck Guan (Malaysia) Bhd, Ibraco Bhd, Genting Plantations Bhd, Lingkaran Trans Kota Holdings Bhd and AMMB Holdings Bhd.

Asian shares stepped back from two-month highs on profit taking on Tuesday and oil prices regrouped after Monday's big fall, while the dollar was on the defensive as expectations of an imminent US rate hike receded, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2% in early trade from their two-month high touched on Monday, though it was still up 8.6% so far this month. Japan's Nikkei fell 0.6%, it said.

Hong Leong IB Research said that technically, the decisive breakouts above 1,685 (50% FR) and the downtrend resistance trend line (near 1,663) signal that the ongoing rebound could potentially climb into the 1,728–1,741 levels in the coming weeks.

“However, as the FBM KLCI had surged 13.7% or 207 points since hitting a low of 1,503 on Aug 24 to 1,710 yesterday, the FBM KLCI may experience some profit taking activities in this holiday-shortened week (Awal Muharram holiday on Oct 14).

“Key supports are 1,663–1,686,” it said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)