KUALA LUMPUR (July 19): The FBM KLCI reversed its gains at the midday break, in line with the slip at regional markets, weighed by losses including at select blue chips.

At 12.30pm, the FBM KLCI dipped 1.44 points to 1,669.40.

Losers edged gainers by 341 to 321, while 244 counters traded unchanged. Volume was 1.00 billion shares, valued at RM800.31 million.

The top decliners included Scientex Bhd, Amway Holdings (M) Bhd, Latitude Tree Holdings Bhd, Versatile Creative Bhd, Microlink Solutions Bhd, Ajiya Bhd, Muda Holdings Bhd, PPB Group Bhd and Malaysia Airports Holdings Bhd.

The actives included Vivocom International Holdings Bhd, Borneo Oil Bhd, Hiap Teck Venture Bhd, Berjaya Corporation Bhd, Nexgram Holdings Bhd and AirAsia X Bhd.

The gainers included Panasonic Malaysia Manufacturing Bhd, Heineken Malaysia Bhd, Nestle (M) Bhd, British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Far East Corporation Bhd, Carlsberg Brewery (M) Holdings Bhd and Hong Leong Financial Group Bhd.

Asian shares slipped on Tuesday, as a downturn in crude oil curbed enthusiasm from fresh record highs on Wall Street, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6%, moving away from a nine-month high touched last week, which put it into technically overbought territory, it said.

Kenanga IB Research said the local FBM KLCI rose 2.44 points (+0.15%) yesterday to settle at 1,670.84, despite spending most of the day in the red.

It said this came amid a stronger showing in regional markets.

On the broader market, gainers outnumbered losers marginally by 401 to 392, while 353 counters traded unchanged.

The research house said that chart-wise, the FBM KLCI broke out of a “Double Bottom” pattern on Friday, and has managed to sustain its gains for a second day.

“Though volume had been weaker than what the bulls would like, confirmation of this pattern signals a major trend reversal, following the steep declines in April, which saw the FBM KLCI lose as much as 100 points in less than a month’s timeframe.

“From here, expect bias to favour the bulls, with upside resistance levels 1,700 (R1) and 1,720 (R2).

“Downside support levels include the “Double Bottom” neckline at 1,662 (S1), failing which 1,650 (S2) is located further below,” it said.