KUALA LUMPUR (Oct 10): The FBM KLCI turned tepid at the midday break today, tracking its regional peers as downward bias remained intact.
At 12.30pm, the FBM KLCI dipped 1.08 points to 1,550.15. The index had earlier climbed to a high of 1,553.18.
Losers overtook gainers by 259 to 217, while 536 counters traded unchanged. Volume was 1.16 billion shares valued at RM593.05 million.
The decliners included Allianz Malaysia Bhd, British American Tobacco (M) Bhd, Petronas Gas Bhd, Heineken Malaysia Bhd, Unisem (M) Bhd, Latitude Tree Holdings Bhd, PRG Holdings Bhd, ViTrox Corp Bhd and Top Glove Corp Bhd.
The actives included NetX Holdings Bhd, JAKS Resources Bhd, Sapura Energy Bhd, Eduspec Holdings Bhd, Seacera Group Bhd and Bumi Armada Bhd.
The gainers included Aeon Credit Service (M) Bhd, Lingkaran Trans Kota Holdings Bhd, Sarawak Oil Palms Bhd, Magni-Tech Industries Bhd, MISC Bhd, KESM Industries Bhd, PPB Group Bhd and Cycle & Carriage Bintang Bhd.
Philippine stocks rose in low volumes, while most other Southeast Asian markets held steady on Thursday, as investors remained cautious as neither Washington nor Beijing had shown signs of giving ground at the trade negotiations, according to Reuters.
US S&P 500 mini futures tumbled after media reports cited that no progress was made in the deputy-level trade talks, and that the Chinese delegation was planning to leave Washington on Thursday after just one day of high-level talks, instead of Friday as originally planned, it said.
Affin Hwang Capital Research said the FBM KLCI Index resumed lower in yesterday's session, dropping 7.56 points or 0.48%, closing at 1,551.23.
"The index continued to push lower yesterday after a brief period of consolidation. Price is now trading just above the 1,550 psychological support level.
"Despite daily indicators like RSI (relative strength index) & Stochastic trading around oversold region, selling momentum still remains strong. This shows lacking investors confidence as market remains weak and lethargic.
"Downward bias remains intact," it said.