KUALA LUMPUR (Feb 24): The FBM KLCI fell below the psychologically crucial 1,700-point level at the midday break today, weighed by key blue chips including Axiata Group Bhd and Genting Malaysia Bhd.

At 12.30pm, the benchmark FBM KLCI lost 6.28 points to 1,698.20.

Losers thumped gainers by 502 to 280, while 338 counters traded unchanged. Volume was 1.69 billion shares valued at RM1.04 billion.

The top losers included Tasek Corp Bhd, Axiata, Genting Malaysia, IHH Healthcare Bhd, Ta Ann Holdings Bhd, Latitude Tree Holdings Bhd, Hong Leong Financial Group Bhd, Maxis Bhd and Prestariang Bhd.

The actives included Frontken Corp Bhd, Dagang NeXchange Bhd, Vivocom Intl Holdings Bhd, Censof Holdings Bhd, JAG Bhd and XOX Bhd.

The gainers included Dutch Lady Milk Industries Bhd, DanaInfra Nasional Bhd, IGB Corp Bhd, Panasonic Manufacturing Malaysia Bhd, Nestle (M) Bhd, OldTown Bhd, Thong Guan Industries Bhd and Aeon Co (M) Bhd.

Asian shares took a breather on Friday, slipping from 1½-year highs as material shares were hit by sudden falls in copper and other commodity prices while investors assessed Washington's stance on tax and currency policies, according to Reuters.

US President Donald Trump called China "grand champions" of currency manipulation, doing little to raise confidence on trade relations between the world's two biggest economies, it said.

AffinHwang Capital Research said US stocks hover near record levels as a rally in utility stocks and phone shares outweighed losses in raw-materials and industrial companies, and distribution patterns gradually unfolded in major markets.

"It's time for investors to rebalance their portfolio, expect short-term consolidation in the near future. Accumulate quality stocks on price weakness.

"The FBM KLCI may surge further but the upside might be limited as the index enters the last leg up, hence might be set for near-term distribution," it said.