KUALA LUMPUR (Jan 17): The FBM KLCI pared some of its gains at the midday break today, against the backdrop of regional weakness and mild profit taking kept the local benchmark index in check.

At 12.30pm, the FBM KLCI gained 0.30% or 4.96 points to 1,663.80. The index has earlier risen to 1,664.90.

Gainers led losers by 333 to 315, while 337 counters traded unchanged. Volume was 1.20 billion shares, valued at RM639.13 million.

The top gainers included British American Tobacco (M) Bhd, Aeon Credit Service (M) Bhd, Malayan Banking Bhd, Padini Holdings Bhd, AirAsia Bhd, Hong Leong Bank Bhd, RHB Bank Bhd, Globetronics Technology Bhd and Heineken Malaysia Bhd.

The actives included Matang Bhd, Hibiscus Petroleum Bhd, SKH Consortium Bhd, IFCA MSC Bhd, Malaysia Building Society Bhd, Sumatec Resources Bhd, Perisai Petroleum Teknologi Bhd and AirAsia X Bhd.

The losers included Nestle (M) Bhd, Panasonic Malaysia Manufacturing Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, Apex Healthcare Bhd, The Store Corp Bhd and Genting Bhd.

Asian stocks and the pound sagged on Tuesday, as investors waited for British Prime Minister Theresa May to lay out plans to exit the European Union, which traders fear will see Britain lose access to the bloc's single market, according to Reuters.

Britain will not seek a Brexit deal that leaves it "half in, half out" of the EU, May will say later in the day, according to her office, in a speech setting out her 12 priorities for upcoming divorce talks with the bloc, it said.

Kenanga IB Research said the FBM KLCI, weighed down mainly by banking stocks amid uncertainties over Trump’s administration policies, dipped in tandem with most regional markets to close 13.66 points or 0.82% lower at 1,658.84.

It said investors were observed taking a more cautious approach as depicted by the lower trading volume and negative market breadth, where 462 decliners outpaced 199 advancers during yesterday’s session.

“From a technical standpoint, the FBM KLCI has broken down from its support-turned-resistance level of 1,667 (R1) yesterday.

“The daily RSI and Stochastic are losing momentum as the market is seeking out fresh catalyst, while taking a wait-and-see approach amid uncertainties over Trump’s policies.

“Thus, we expect further downside pressure in the immediate term, ahead of Trump’s inauguration this week, where resistance are now found at 1,667 (R1)/ 1,680 (R2), while key supports are located at 1,657 (S1)/1,640 (S2),” it said.