KUALA LUMPUR (Nov 8): The FBM KLCI shed 0.10% at midday break today, in line with tepid sentiment at regional markets, but held on to its position above the crucial 1,600-point level.

At 12.30pm, the FBM KLCI was down 1.68 points to 1,607.65.

Losers overtook gainers by 290 to 223, while 593 counters traded unchanged. Volume was 1.71 billion shares, valued at RM928.94 million.

Top losers included United Plantations Bhd, Nestle (M) Bhd, Hong Leong Financial Group Bhd, Kuala Lumpur Kepong Bhd, Allianz Malaysia Bhd, Petronas Dagangan Bhd, Alliance Malaysia Bank Bhd, Dutch Lady Milk Industries Bhd, Spritzer Bhd and S P Setia Bhd.

The actives included Sapura Energy Bhd, Spring Art Holdings Bhd, Trive Property Group Bhd, NetX Holdings Bhd, DGB Asia Bhd, Velesto Energy Bhd and IFCA MSC Bhd.

The gainers included Southern Acids (M) Bhd, VSTECS Bhd, UWC Bhd, VitRox Corp Bhd, Sarawak Consolidated Industries Bhd, Guan Chong Bhd, Hong Leong Industries Bhd, JF Technology Bhd and Boustead Heavy Industries Corp Bhd.

Reuters said most Southeast Asian markets on Friday, retreated from the recent risk-on rally, with Singapore falling the most as sentiment was hit by doubts over Washington's tariff rollback announcement.

A Reuters exclusive report of fierce internal opposition in the White House to a possible rollback of U.S. tariffs on China, diminished initial optimism over a "phase-one" deal being reached between the two.

Kenanga IB Research said Asian stocks were up on Thursday, as China agreed with US to cancel existing trade tariffs in phases.

Back home, it said FBM KLCI too reacted positively and gained 6.08 points (+0.38%) to close at 1,609.33.

“Chart-wise, we see encouraging momentum, as yesterday's candlestick continued to close higher above its 20- and 50-Day SMA. Coupled with an uptick in RSI, we expect the upward momentum to continue.

“From here on, overhead resistance can be seen at 1,630 (R1) and 1,650 (R2). Conversely, key support levels can be found at 1,570 (R1) and 1,550 (R2),” it said.