KUALA LUMPUR (Feb 11): The FBM KLCI pared some of its losses at the midday break today but remained in the red in line with global equity markets’ weakness.

At 12.30pm, the FBM KLCI was down 2.63 points to 1,641.78. The index had earlier slipped to its intra morning low of 1,638.88.

Losers outpaced gainers by 379 to 195, while 266 counters traded unchanged. Volume was 644.83 million shares valued at RM483.41 million.

The top losers included KESM Industries Bhd, Ajinomoto (M) Bhd, Nestle (M) Bhd, Latitude Tree Holdings Bhd, Ta Ann Holdings Bhd, Atlan Bhd,  Can-One Bhd,  Globetronics Technology Bhd and SAM Engineering & Equipment Bhd.

The actives included Tiger Synergy Bhd, Berjaya Corporation Bhd, XOX Bhd, APFT Bhd, Iris Corporation Bhd, Borneo Oil Bhd, JAB Bhd and AirAsia X Bhd.

The gainers included Dutch Lady Milk Industries Bdh, Hong Leong Financial Group Bhd, Malaysia Airports Holdings Bhd, Scientex Bhd, Fraser & Neave Holdings Bhd and Karex Bhd.

Fresh cracks appeared in global markets on Thursday as investors sought the safety of Japanese yen, gold and top-rated bonds while dumping U.S. dollars on bets the Federal Reserve could be done raising interest rates, according to Reuters.

Even the absence of Tokyo for a holiday could not stop the dollar from hitting a 15-month low on the yen, and gold finally broke major chart resistance to reach its highest since May, it said.

BIMB Securities Research said Asian markets also suffered some selling yesterday as the collapse of oil prices and fresh worries that a new banking crisis could erupt in a fragile global economy added to the risk-off mood.

“Locally, the FBMKLCI closed 18.05 points or 1.1% lower at 1,644.41 in tandem with the negative sentiment of global markets.

“We expect the market to trade sideways affected by Wall Street but the downside appears quite limited at 1,635,” it said.