KUALA LUMPUR (Oct 26): The FBM KLCI fell at the midday break today, but the local index managed to defend its crucial 1,700-point level in line with the firm gains at regional markets.

At 12.30pm, the FBM KLCI was down 2.13 points at 1,708.80.

Losers outpaced gainers by 386 to 347, while 319 counters traded unchanged. Volume was 1.10 billion shares valued at RM711.85 million.

The top losers included United Plantations Bhd, Petronas Gas Bhd, MSM Malaysia Holdings Bhd, Kuala Lumpur Kepong Bhd, Sarawak Oil Palms Bhd, Oriental Interest Bhd, Kossan Rubber Industries Bhd, Hartalega Holdings Bhd and Gamuda Bhd.

The actively traded stocks included RGB International Bhd, China Automobile Parts Holdings Bhd, XOX Bhd, XiDeLang Holdings Bhd, APFT Bhd, Borneo Oil Bhd and AirAsia Bhd.

The gainers included British American Tobacco (M) Bhd, Oriental Food Industries Bhd, LPI Capital Bhd, Boustead Heavy Industries Corporation Bhd, Dutch Lady Milk Industries Bhd and Cocoaland Holdings Bhd.

Asian stocks on Monday were close to wiping out all their losses since China's shock currency devaluation in August, as global equities rallied after China's central bank cut rates and US tech giants provided upbeat earnings guidance, according to Reuters.

MSCI's index of Asia-Pacific shares outside Japan rose 0.5% to hit its highest since Aug 12, led by 1.2% gains in Honk Kong. Japan's Nikkei rose 1.1% to a two-month high, it said.

Hong Leong IB Research said driven by positive external leads and extended gains in Wall Street and European markets, there was still some room for the FBM KLCI to advance further today.

"However, with limited impact from 2016 Budget and ongoing technical profit-taking consolidation, further strong upside may be capped near key hurdles at 1,729 (61.8% FR) and 1,740 (200-d SMA).

"Key supports are 1,686–1,700," it said.

(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.)