KUALA LUMPUR (Nov 12): The FBM KLCI cut losses after declining on Petroliam Nasional Bhd (Petronas) and oil palm-related stocks, as news on Malaysia's record-high palm oil inventory and the national oil company's weaker profit hit markets.

At 12:30pm, the KLCI fell 0.56 point to 1,664.76 points, after dipping to its lowest at 1,657.77 so far today.

"The key index is likely to stay under pressure in the near term, given uncertainties over the renewed sell-down in the ringgit, weakness in crude oil prices and signs of further slowdown in China's economy," TA Securities Holdings Bhd wrote in a note today.

Malaysian shares could have cut losses after crude oil prices rose today, following a 3% overnight drop.

Reuters reported Asian shares shrugged off early losses as crude oil prices pulled away from their overnight lows, while the Australian dollar grabbed the spotlight and surged after a much stronger-than-expected employment report.

In Malaysia, the KLCI fell on losses in Petronas Dagangan Bhd shares, besides plantation entities Kuala Lumpur Kepong Bhd and PPB Group Bhd.

Petronas-linked shares had fallen after the national oil company said net profit fell 91% to RM1.35 billion in its third quarter ended Sept 30, 2015, from RM15.07 billion a year earlier. Revenue declined to RM60.06 billion, from RM80.37 billion.

Meanwhile, plantation shares responded to the Malaysian Palm Oil Board's update that October palm oil inventory, comprising crude palm oil and processed palm oil, rose 7.29% to 2.83 million tonnes, from 2.64 million tonnes in September.

Across Bursa Malaysia today, decliners outnumbered gainers at 372 to 361, while 348 counters were unchanged. Trading volume stood at 1.16 billion shares, valued at RM737.25 million.

Top gainer was Tieh Wah Press Holdings Bhd. The most actively-traded stock was Inix Technologies Holdings Bhd.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)