KUALA LUMPUR (Aug 2): The FBM KLCI was down 0.62% at mid-morning as broader market sentiment remained weak as losers led gainers in line with the fall at regional markets.

At 10am, the FBM KLCI was down 10.16 points to 1,628.91.

Losers thumped gainers by 463 to 100, while 256 counters traded unchanged. Volume was 581.01 million shares valued at RM283.16 million.

The losers included Nestle (M) Bhd, PPB Group Bhd, Fraser & Neave Holdings Bhd, Petronas Dagangan Bhd, Hong Leong Financial Group Bhd and Batu Kawan Bhd.

The actives included P.A. Resources Bhd, Vsolar Group Bhd, Bumi Armada Bhd, KNM Group Bhd and Green Packet Bhd.

The gainers included Carlsberg Brewery Malaysia Bhd, Magni-Tech Industries Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Global stocks took another beating on Friday while investors piled on to safe-haven assets after US President Donald Trump said he would slap a 10% tariff on the remaining US$300 billion of Chinese imports from next month, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.51% to its lowest level since mid-June while Japan's Nikkei tumbled 1.91%, it said.

Kenanga IB Research said Asian stocks ended mostly lower yesterday, tracking Wall Street's losses following the Federal Reserve's decision to cut rates by 25 basis points.

The research house said that supported by index-stocks, the FBM KLCI rose marginally by 3.35 points or 0.2% to close at 1,638.22.

"Chart-wise, the index is currently trading below its key SMAs (simple moving averages) after breaking below its 50-day and 100-day SMAs with a formation of 'Death Cross'.

"As such, the near-term outlook for the index has turned bearish in tandem with uninspiring key momentum indicators.

"Key support levels can be found at 1,630 (S1) and 1,600 (S2) should the index trend lower. Conversely, overhead resistance levels can be seen at 1,690 (R1) and 1,720 (R2)," it said.