KUALA LUMPUR (July 27): The FBM KLCI posted limited gains at the midday break today, as investor sentiment remained tepid.

At 12.30 p.m., the FBM KLCI pared its gains and was up 1.16 points to 1,662.58. The index had earlier risen to its intra-morning high of 1,663.83.

The losers led gainers by 317 to 290, while 344 counters traded unchanged. Volume was 897.04 million shares, valued at RM599.39 million.

The gainers included Panasonic Malaysia Manufacturing Bhd, Nestle (M) Bhd, Aeon Credit Services (M) Bhd, Petronas Dagangan Bhd, KESM Industries Bhd, Genting Bhd, Ajinomoto (Malaysia) Bhd. Hong Leong bank Bhd and KLCC Property Holdings Bdh.

The actives included TH Heavy Engineering Bhd, Borneo Oil Bhd, Sumatec Resources Bhd, Sanichi Technology Bhd, AirAsia X Bhd, Trive Property Group Bhd and Tiger Synergy Bhd.

The top losers included British American Tobacco (M) Bhd, tasek Corporation Bhd, Globetronics Technology Bhd, Boustead Heavy Industries Corporation Bhd. Genting Plantations Bhd, Carlsberg Brewery (M) Holdings Bhd and Fraser & Neave Holdings Bhd.

Asian stocks climbed to fresh near one-year highs and the Japanese yen weakened on Wednesday, as central bank meetings this week are awaited, which could see fresh stimulus in Japan and provide clues on U.S. interest rates, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2%, climbing to its highest since Aug 11 2015. It is up 10% in a month, it said.

Kenanga IB Research said despite slight gains seen in most regional markets and better crude oil performance, the FBM KLCI went against the flow to slip 6.84 points or 0.41% to close at 1,661.42 on lower trading volume.

It said the benchmark index is currently hovering around the 1,662 trend line, while being trapped between the short and long term SMAs, as overall market breadth was still lacklustre with 448 bears outpacing 294 bulls.

The research house said key momentum indicators are also looking unexciting, especially with a hook down seen by both relative strength index and Stochastic that nullified the prospect of a reversal play two days ago.

“With much lingering uncertainties bothering investors in tandem with a dominant bear market, volatile trade is very much expected between 1,655 and 1,670 over the next few days.

“Overhead resistance are still tied at 1,680 (R1) and 1,700 (R2), while supports are capped at 1,662 (S1) and 1,650 (S2),” it said.