KUALA LUMPUR (July 29): The FBM KLCI remained below the crucial 1,700 point level at mid-morning today, weighed by select blue chips.

At 10am, the FBM KLCI was down 1.26 points to 1,698.44.

The top losers included United U-Li Corporation Bhd, Shell Refining Company (Federation of Malaya) Bhd, IJM Corporation Bhd, Lii Hen Industries Bhd, Tenaga Nasional Bhd, IGB Corporation Bhd, Sunway Bhd and Only World Group Holdings Bhd.

The actives included Pesona Metro Holdings Bhd, Sunway Construction Group Bhd, BTM Resources Bhd, Ikhmas Jaya Group Bhd, Nexgram Holdings Bhd, APFT Bhd and Ingenuity Consolidated Bhd.

The gainers included Latitude Tree Holdings Bhd, Tasek Corporation Bhd, VS Industry Bhd, Enra Group Holdings Bhd, Malaysian Pacific Industries Bhd, Oriental Food Industries Bhd, Top Glove Corporation Bhd, Hartalega Holdings Bhd and UEM Edgenta Bhd.

Asian shares were mostly higher on Wednesday on hopes that Beijing could stem the rout in its markets without damage to the economy, though caution was the watchword ahead of a policy decision from the US Federal Reserve, accodring to Reuters.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen gained 0.6% in choppy morning trade, while the Shanghai Composite rose 0.7%, it said.

Hong Leong IB Research said that in tandem with an overnight Dow rebound, the FBM KLCI may attempt to recapture above the 1,700 psychological support today.

“However, given the lack of fresh catalysts, lingering local and external concerns, any rebound is likely to be capped at stiff resistances of 1,738–1,746.

“Key supports are 1,685–1,700,” it said.