KUALA LUMPUR (Oct 30): The FBM KLCI gained 1.18 points or 0.07% during Bursa Malaysia's afternoon break today as investors anticipated the US interest rate decision on Wednesday (Oct 30) and as they evaluated the progress of US-China trade talks.

At 12:30pm, the KLCI settled up at 1,578.97 after falling to its lowest so far today at 1,575.33.

"US markets ended slightly lower ahead of the Federal Reserve meeting where a 25 basis point rate cut is expected. Earlier, European stocks declined as the UK could face a general election in December.

"Following the lackluster performances in the US and Europe, the KLCI could hover sideways below the resistance of 1,585 points," JF Apex Securities Bhd said in a note today.

Across Bursa, 1.25 billion shares were traded for RM800.07 million. Hong Leong Financial Group Bhd topped gainers, while decliners were led by Malaysian Pacific Industries Bhd.

Asian share markets fell today after US stocks' overnight drop. Reuters reported that Asian share markets slipped on Wednesday, as the prospect of a rate cut by the Federal Reserve was countered by worries a Sino-US first-stage trade deal could be delayed.

It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.33% from Tuesday's three-month high while Japan's Nikkei lost 0.35% after hitting a one-year high the previous day.

"On Wall Street overnight, the S&P 500 index touched a record intraday high, led by strong earnings from drug manufacturers such as Merck and Pfizer, before ending down 0.08%. Markets had erased gains after Reuters reported a US administration official said an interim trade agreement between Washington and Beijing might not be completed in time for signing in Chile next month as expected," the newswire said.