KUALA LUMPUR (Aug 15): The FBM KLCI slipped at the midday break today, weighed by select blue chips, despite the rally at most regional markets.

At 12.30pm, the FBM KLCI shed 0.29 points to 1,770.79. The index had earlier risen to its intra-morning high of 1,773.37.

Gainers led losers by 342 to 253, while 447 counters traded unchanged. Volume was 1.05 billion shares, valued at RM709.91 million.

The top decliners included Dutch Lady Milk Industries Bhd, Bintulu Port Holdings Bhd, Hap Seng Consolidated Bhd, Hong Leong Industries Bhd, Petronas Dagangan Bhd, PLB Enginreering Bhd, Fraser & Neave Holdings Bhd, Kuala Lumpur Kepong Bhd and MISC Bhd.

The actives included Mlabs Systems Bhd, Anzo Holdings Bhd, Lotte Chemical Titan Holding Bhd (LCT), PUC Bhd, JAG Bhd, Frontken Corp Bhd, Kronologis Asia Bhd and Dagang NeXchange Bhd.

The gainers included Malaysian Pacific Industries Bhd, LCT, Far East Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, British American Tobacco (M) Bhd, HCK Capital Group Bhd, Petron Malaysia Refining & Marketing Bhd, IQ Group Bhd and Hartalega Holdings Bhd.

Asian shares rallied and the dollar firmed on Tuesday, after North Korea's leader signalled he would delay plans to fire a missile near Guam, easing tensions and prompting investors to move back into beaten-down riskier assets, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan extended early gains and rose 0.4% by late morning, with South Korea up 0.6% and Australia 0.7%, Reuters said.

Hwang IB vice president and head of retail research Datuk Dr Nazri Khan Adam Khan said the world is not on the brink of nuclear war, according to Mike Pompeo, U.S CIA’s Director and China’s move which agreed to ban imports of North Korean iron, lead and coal have eventually eased tension in East Asia and hence reduced negative/bearish sentiments in the global market.

Nazri said crude oil prices and gold declined in respond to the latest development.

“As such, regional markets and stocks in Bursa Malaysia are anticipated to stage a relief rebound in short-term.

“Nonetheless, on technical view, our local market still expects another leg down, with targeted downside around 1745-1700 to complete and satisfy current consolidation wave.

“With geopolitical concerns seem to ease, our local market is expected to be more conducive to stage stimulating rotational plays on small and mid caps. Buy on price weakness,” he said.