KUALA LUMPUR (Aug 14): The FBM KLCI tumbled 1.88% to below the crucial 1,600-point level, weighed by select key blue chips.

At 12.30pm, the FBM KLCI lost 30.07 points to 1,591.55.

Losers hammered gainers by 764 to 99, while 192 counters traded unchanged. Volume was 1.20 billion shares valued at RM991.53 million.

The top losers included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Tenaga Nasional Bhd, Public Bank Bhd, PPB Group Bhd, Lii Hen Industries Bhd, Petronas Gas Bhd, Petronas Dagangan Bhd, Malayan Banking Bhd, Top Glove Corporation Bhd and Kuala Lumpur Kepong Bhd.

The actively traded stocks included Ingenuity Consolidated Bhd, Frontken Corporation Bhd, Tiger Synergy Bhd, APFT Bhd, IFCA MSC Bhd, AirAsia Bhd, Nexgram Holdings Bhd and SapuraKencana Petroleum Bhd.

The gainers included Lingkaran Trans Kota Holdings Bhd, Fraser & Neave Holdings Bhd, Asia File Corporation Bhd, Luxchem Corporation Bhd, Hong Leong Bank Bhd and Gopeng Bhd.

Asian shares were mostly higher on Friday, but still on track for a steep weekly loss in the wake of China's surprise currency devaluation earlier in the week, according to Reuters.

Crude oil futures remained under pressure, plunging to 6½-year lows after data revealed a big rise in US stockpiles, fuelling fears of a growing global glut, it said.

JF Apex Securities Research said US stocks pared their gains and ended lower despite improved retail sales data and easing concerns on China. Meanwhile, European markets rose following optimism on Greece's third bailout and China's central bank assured there will be no further devaluation of its currency.

On the local market, the FBM KLCI rose 11.69 points to 1,621.62 points to stage a rebound.

“Following the mixed performance in the US and Europe, we expect the FBM KLCI to trade sideways and consolidate above the 1,600-point level after the recent selldown,” it said.