KUALA LUMPUR (Apr 23): The FBM KLCI remained in negative territory at the midday break today as decliners led gainers at the local bourse, indicating that bears were still in control.

At 12.30pm, the FBM KLCI fell 3.58 points to 1,851.19.

Losers led gainers by 355 to 280, while 373 counters traded unchanged. Volume was 1.06 billion shares valued at RM653.13 million.

The top decliners included RHB Capital Bhd, APM Automotive Bhd, UMW Oil & Gas Corporation Bhd, Petronas Chemicals Group Bhd, Press Metal Bhd, Icon Offshore Bhd, Pharmaniaga Holdings Bhd and Karex Bhd.

Shares of Icon Offshore Bhd fell in active trade this morning after The Malaysian Anti-Corruption Commission remanded the company’s chief executive officer (CEO) Dr Jamal Yusof and his brother, chief operating officer (COO) Rahman Yusof, to “facilitate and assist [in] investigations” currently being conducted by the anti-corruption agency.

Icon Offshore slumped 9.49% or 6.5 sen to 62 sen with 57.61 million shares done.

The other actives included Frontken Corporation Bhd, Nova MSC Bhd, Genetec Technology Bhd, Vsolar Holdings Bhd, APFT Bhd and Perisai Petroleum Teknologi Bhd.

The top gainers included British American Tobacco (M) Bhd, Hong Leong Financial Group Bhd, Petronas Dagangan Bhd, LPI Capital Bhd and Aeon Credit Services (M) Bhd.

Asian shares were weathering a soft reading on Chinese manufacturing on Thursday as it only whetted expectations for more policy stimulus there, while a sharp rise in British and German bond yields rippled through global debt markets, according to Reuters.

The preliminary HSBC China manufacturing PMI for April dipped to a one-year trough of 49.2 in April, when the consensus had been for it to hold steady at 49.6, it said.

Hong Leong IB Research reiterated that only a decisive and sustainable breakout above 1,858 (first key resistance) would spur the FBM KLCI higher towards the next overhead resistance of 1,878 (second resistance), and subsequently more formidable barrier at 1,896 (all time high). “On the flip side, a breakdown below 1,830 (resistance-turned-support) will disrupt current uptrend and will spur index lower to retest 1,800–1,820 zones,” it said.