KUALA LUMPUR (March 15): The FBM KLCI pared some of its losses at the midday break today but the broader market remained bearish, in line with th weaker regional markets.

At 12.30pm, the FBM KLCI was down 4.72 points to 1,852.34. The index had earlier fallen to its intra-morning low of 1,846.18.

Losers led gainers by 399 to 206, while 523 counters traded unchanged. Volume was 1.56 billion shares valued at RM955.34 million.

The top losers included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Fraser & Neave Holdings Bhd, Ajinomoto (M) Bhd, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, Hong Leong Bank Bhd, KESM Industries Bhd, Panasonic Manifacturing Malaysia Bhd and Hong Leong Financial Group Bhd.

The actives included Sapura Energy Bhd, YFG Bhd, UMW Oil & Gas Corp Bhd, Daya Materials Bhd, Advance Synergy Bhd, NWP Holdings Bhd, Sumatec Resources Bhd, Sino Hua-An International Bhd and AirAsia X Bhd.

The gainers included British American Tobacco (M) Bhd, PPB Group Bhd, Malaysian Pacific Industries Bhd, United Plantations Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, Hengyuan Refining Company Bhd and UMW Holdings Bhd.

Most Southeast Asian stock markets lost ground on Thursday, tracking Wall Street overnight, as trade war fears intensified on reports U.S. President Donald Trump would seek fresh tariffs on imports from China, according to Reuters.

On Wednesday, a White House spokeswoman said the Trump administration is pressing China to cut its trade surplus with the United States by $100 billion, without specifying how it should be narrowed, it said.

Kenanga IB Research said Asian markets closed mostly lower yesterday following the sacking of US Secretary of State, Rex Tillerson, coupled with talks of potential US tariffs against China.

It said back home, the FBM KLCI closed 6.97 points or 0.37% lower at 1,857.06, dragged by losses in Nestle (M) Bhd (-10.4%).

“Weak broader market sentiments as 635 decliners outnumbered 332 gainers, while 390 counters traded unchanged.

“Charting-wise, outlook for the index remains seemingly directionless in the short-term as key indicators continues to be indecisive, coupled with tepid trading volumes.

“From here, a decisive takeout of key resistance at 1,880 (R1) would signal a bullish turn in outlook, with a resistance higher up at 1,910 (R2).

“Conversely, a decisive break below 1,840 (S1) would be deemed as highly negative, paving for a potential capitulation towards 1,800 (S2),” it said.