KLCI down 0.43% as investors stay on sidelines

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KUALA LUMPUR (Jan 16): The FBM KLCI fell 0.43% at the midday break today as local investors remained on the sidelines as regional markets stalled.

At 12.30pm, the FBM KLCI fell 7.27 points to 1,672.15.

Gainers edged losers by 279 to 251, while 479 counters traded unchanged. Volume was 1.35 billion shares valued at RM838.98 million.

The top losers included Public Bank Bhd, Tenaga Nasional Bhd, United Malacca Bhd, Malaysian Pacific Industries Bhd, Fraser & Neave Holdings Bhd, Hong Leong Bank Bhd, Press Metal Aluminium Holdings Bhd, Serba Dinamik Holdings Bhd and Westports Holdings Bhd.

The actives included FGV Holdings Bhd, Fitters Diversified Bhd, Bumi Armada Bhd, Datasonic Group Bhd, My EG Services Bhd, Sapura Energy Bhd and Zelan Bhd.

The gainers included Nestle (M) Bhd, United Plantations Bhd, Aeon Credit Service (M) Bhd, Heineken Malaysia Bhd, Amway (M) Holdings Bhd, Carlsberg Brewery Holdings Bhd, Ta Ann Holdings Bhd, Supreme Consolidated Resources Bhd and Petron Malaysia Refining & Marketing Bhd.

Asian shares took a breather on Wednesday after rallying the previous day on Chinese stimulus hopes, with investors assessing Brexit options after British lawmakers trounced Prime Minister Theresa May's deal to withdraw Britain from the European Union, according to Reuters.

May's crushing loss overnight triggered political upheaval that could lead to a disorderly exit from the European Union on March 29 or even to a reversal of the 2016 decision to leave, it said.

Affin Hwang Capital Research said the FBM KLCI Index gained 3.26 points or 0.19% in yesterday's session, closing at 1,679.42.

The research house said the index inched higher slightly despite overnight losses in US with positive market breadth — 413 gainers, 374 losers.

"Volatility in the market has been low for the past two weeks.

"Local investors likely to sit on the sidelines for now, watching the price action of the index, breaking in either direction before deciding further," it said.