KUALA LUMPUR (Feb 15): The FBM KLCI retreated at the midday break today as sellers outpaced buyers.

At 12.30pm, the FBM KLCI shed 0.61 points to 1,708.29. The index had earlier risen to its intra-morning high of 1,713.47.

Losers led gainers by 422 to 345, while 369 counters traded unchanged. Volume was 1.2 billion shares valued at RM1.16 billion.

The top decliners included United Plantations Bhd, Hong Leong Financial Group Bhd, Lafarge Malaysia Bhd, Chin Teck Plantations Bhd, Kuala Lumpur Kepong Bhd, Fraser & Neave Holdings Bhd, Sime Darby Bhd and Nestle (M) Bhd.

The actives included Hibiscus Petroleum Bhd, Nexgram Holdings Bhd, Sterling Progress Bhd, UEM Sunrise Bhd, TH Heavy Engineering Bhd, Matang Bhd, Lion Diversified Holdings Bhd, Alam Maritim Resources Bhd and Serba Dinamik Holdings Bhd.

The gainers included British American Tobacco (M) Bhd, Harrisons Holdings (M) Bhd, UMW Holdings Bhd, KESM Industries Bhd, Genting Bhd, Southern Steel Bhd, Lingkaran Trans Kota Holdings Bhd, Subur Tiasa Holdings Bhd and Dialog Group Bhd.

Asian stocks scaled 19-month peaks on Wednesday thanks to a record-setting night on Wall Street after Federal Reserve (Fed) Chair Janet Yellen flagged a possible interest rate hike next month, keeping the US dollar in pole position near three-week highs, according to Reuters.

Yellen said on Tuesday that the Fed will probably need to raise interest rates at an upcoming meeting, and that delaying rate increases could leave the Fed's policymaking committee behind the curve, it said.

Kenanga IB Research said that driven by optimism over US President Donald Trump's tax cut and trade ties agenda, the FBM KLCI was inspired to an intra-day high level of 1,710.08 yesterday in tandem with most regional markets.

Nonetheless, it said profit-taking activities kicked in as investors look to secure some quick gains derived over the past week, with the FBM KLCI shedding 1.34 points (0.078%) to settle at 1,708.9.

It said the broader market saw 470 decliners outpacing 387 advancers.

The research house said chart-wise, the upside-bias trajectory of the FBM KLCI is still firmly intact.

"Nonetheless, a 'hanging man' candlestick was formed yesterday after multiple days of advance by the underlying index, marking a toppish scene with selling pressure picking up.

"Daily relative strength index and Stochastic are also rolling over from their respective overbought territory to reflect the waning bulls, hinting on possible pullback in the immediate term.

"Thus, we do not discount the possibility of the FBM KLCI taking a healthy breather before resuming its uptrend trajectory. Upside resistance remained capped at 1,729 (R1) followed by 1,744 (R2) next. Support levels are tied to 1,700 (S1) and 1,680 (S2)," it said.