KUALA LUMPUR (April 23): The FBM KLCI pared some of its gains at mid-morning today, as broader market sentiment turned tepid with losers outpacing gainers.

Meanwhile, shares in Iskandar Waterfront City Bhd (IWCity), Ekovest Bhd and Gadang Holdings Bhd slipped in active trade after the three firms yesterday distanced themselves from the reinstated Bandar Malaysia project.

At 10am, the FBM KLCI was up 0.02 points to 1,622.08. The index had earlier risen to a high of 1,624.68.

Losers led gainers by 332 to 153, while 304 counters traded unchanged. Volume was 1.08 billion shares valued at RM587.53 million.

The gainers included Daibochi Bhd, DWL Resources Bhd, G3 Global Bhd, SAM Engineering and Equipment (M) Bhd, Hong Leong Industries Bhd, Tasek Corp Bhd and Chemical Company of Malaysia Bhd.

The actives included Ekovest, IWCity, Sapura Energy Bhd, Velesto Energy Bhd, Hibiscus Petroleum Bhd, Perdana Petroleum Bhd and Gadang.

The losers included Fraser & Neave Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, IWCity, PLS Plantations Bhd, United Plantations Bhd, Ekovest and Gadang.

Asian shares were little changed on Tuesday, hovering not far from nine-month peaks hit last week, with concerns China may slow the pace of policy easing curbing the market's enthusiasm, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat, while Japan's Nikkei average eased 0.2%. Many markets around the world remained shut on Monday after the long Easter weekend, it said.

Hong Leong IB Research said that on Dow Jones, the recent better-than-expected US corporate earnings would be able to sustain the momentum at least for the near term, given that amongst the 15% of S&P 500 firms that had reported, 78% of them released better-than-expected earnings.

"Overall, sideways pattern would prevail as investors face a big week for corporate quarterly results with some 150 companies due to report quarterly earnings, with high-profile companies such as Coca-Cola, Twitter, P&G, Facebook, Amazon, Microsoft, Starbucks, Tesla and Ford Motor.

"Today, KLCI is likely to engage in sideways consolidation mode while small cap and lower would see profit-taking pullback from grossly overbought levels following recent strong rallies (with high volumes) on construction and related sectors such as building materials segment following news of the revival of ECRL (East Coast Rail Link) and Bandar Malaysia projects.

"Sentiment could also be dampened by Iskandar Waterfront City, Ekovest and Gadang statements last night that they are not involved in reinstated Bandar Malaysia project," it said.