KUALA LUMPUR (July 20): The FBM KLCI fell 0.37% at the midday break today, as regional markets retreated as Wall Street appeared to run out of momentum.

At 12.30 p.m., the FBM KLCI fell 6.17 points to 1,664.38.

Losers led gainers by 349 to 302, while 355 counters traded unchanged. Volume was 938.16 million shares, valued at RM561.35 million.

The top losers included British American Tobacco (M) Bhd, Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, PPB Group Bhd, Hwang Capital (Malaysia) Bhd, Goldis Bhd, Bursa Malaysia Bhd, DKSH Holdings (M) Bhd and Maxis Bhd.

The actives included Borneo Oil Bhd, Vivocom International Holdings Bhd, Hiap Teck Venture Bhd, Asia Media Group Bhd, AirAsia X Bhd and Nexgram Holdings Bhd.

The gainers included Heineken Malaysia Bhd, Cahya Mata Sarawak Bhd, MSM Malaysia Holdings Bhd, Batu Kawan Bhd, Carlsberg Brewery (M) Holdings Bhd, Genting Bhd and Fraser & Neave Holdings Bhd.

Asian stocks stepped back early on Wednesday, after a record run on Wall Street showed signs of petering out, while the dollar hovered near a four-month high against a basket of currencies, following upbeat U.S. data, according to Reuters.

Global risk appetite, which has recovered rapidly from the Brexit shock late in June, received a sobering reminder after the International Monetary Fund (IMF) cut its global growth forecasts for the next two years on Tuesday, citing uncertainty over Britain's looming exit from the European Union, it said.

Kenanga IB Research said decline in crude oil prices had cast shadows over the overnight hype from Wall Street’s fresh new highs, as the FBM KLCI shed 0.29 points (-0.017%) to close at 1,670.55.

It said despite closing on a muted tone, market breadth had turned positive during the final hour, with 424 bulls outpacing 376 bears, while 369 counters were unchanged.

“With a ‘Doji’ candlestick formed on the back of strong trading volume, it seems like the local bourse is very much uncertain over the market direction, after breaking out from a “Double-Bottom” chart pattern last Friday.

“The waning MACD histogram and RSI is indicating possibilities of the benchmark index taking a pause from its recent uptrend.

“While the primary trend of the FBM KLCI is still upside-bias, short-term sideways consolidation is possible, shall the buying interest start to vaporise as the week progresses,” it said.