KUALA LUMPUR (April 16): The FBM KLCI retreated at the midday break today as technical indicators for the local market continued to show weakness.
At 12.30pm, the FBM KLCI dipped 0.26 points to 1,631.07. The index had earlier risen to its intra-morning high of 1,635.47.
Losers led gainers by 307 to 188, while 536 counters traded unchanged. Volume was 1.44 billion shares valued at RM800.68 million.
The decliners included Malaysia-listed Hang Seng Index-linked put warrants, Fraser & Neave Holdings Bhd, Allianz Malaysia Bhd and Lysaght Galvanized Steel Bhd.
The actives included Prestariang Bhd, Priceworth International Bhd, Bumi Armada Bhd, Ekovest Bhd, Sapura Energy Bhd and Hibiscus Petroleum Bhd.
The gainers included Hong Leong Industries Bhd, Press Metal Aluminium Holdings Bhd, British American Tobacco (M) Bhd, Pentamaster Corp Bhd, UMW Holdings Bhd, Amway (M) Holdings Bhd, Manulife Holdings Bhd and Petron Malaysia Refining & Marketing Bhd.
Most Southeast Asian stock markets rose on Tuesday, with Philippines leading the gainers, on optimism over a potential economic recovery in China ahead of its first-quarter growth data on Wednesday, according to Reuters.
China's economic growth during the quarter is likely to have cooled to the weakest pace in at least 27 years, a Reuters poll has showed, but a flurry of measures to boost domestic demand may have put a floor under slowing activity in March, the newswire said.
Affin Hwang Capital Research said the FBM KLCI Index gained about 8 points at its high before losing steam yesterday.
The research firm said that at the end of the trading session, the index only inched 1.16 points or 0.07% higher, closing at 1,631.33.
"Technical indicators support the downmove in prices — indicators continue to show weakness as it hovers in bearish territories for a long period of time.
"Downward bias in the index anticipated to continue," it said.