KUALA LUMPUR (June 3): The FBM KLCI pared some of its loss at midday break today, although market breadth stayed negative against the backdrop of jittery regional markets.

At 12.30pm, the FBM KLCI was down 4.58 points to 1,646.18. The index had earlier slipped to a low of 1,642.66.

Losers outpaced gainers by 418 to 121, while 465 counters traded unchanged. Volume was 943.58 million shares, valued at RM614.47 million.

Top losers included British American Tobacco (M) Bhd, Heineken Malaysia Bhd, Petronas Gas Bhd, Kuala Lumpur Kepong Bhd, Mesiniaga Bhd, DKSH Holdings (M) Bhd, Guan Chong Bhd, Axiata Group Bhd and Digi.Com Bhd.

The actives included Hibiscus Petroleum Bhd, Lambo Group Bhd, Bumi Armada Bhd, Sapura Energy Bhd, Ekovest Bhd and Eduspec Holdings Bhd.

The gainers included United Plantations Bhd, Nestle (M) Bhd, Malaysia Airports Holdings Bhd, IQ Group Bhd, SAM Engineering & Equipment Bhd, Carlsberg Brewery Malaysia Bhd, ViTrox Corp Bhd, Petronas Dagangan Bhd, Genting Bhd and MB World Group Bhd.

Asian stocks began the week largely on the back foot in the wake of trade-war jitters from U.S. moves against Mexico and India, to China’s retaliation against American measures. The yen held near a six-month high, according to Bloomberg.

U.S. and European futures retreated along with equities in Tokyo and Sydney, though losses were more modest in Hong Kong and China, while Korea eked out gains. The yield on 10-year Treasuries was at 2.12% after slumping from 2.50% at the start of May, and JPMorgan Chase & Co analysts said there is more downside to come. China implemented tariff hikes Saturday and announced it will take action against “unreliable” foreign companies, with a list of violators pending. Oil slid amid global demand worries, trading near US$53 a barrel, it said.

Kenanga IB Research said for the last trading day of May, Asian markets were mixed, following Trump’s imposition of additional tariffs on Mexico.

It said the FBMKLCI however reversed its trend on the last day of May and recorded +14.26 points (+0.87%) to close at 1,650.8.

“Despite the gain, primary downtrend remains intact, below its 100-day SMA. Should the index break above its 100-day SMA, we opine outlook should turn bullish.

“From here, resistance levels can be identified at 1,670 (R1) and 1,705 (R2). Conversely, supports can be found at 1,610 (S1) and 1,585 (S2),” it said.