KUALA LUMPUR (Jan 10): The FBM KLCI retreated at the midday break today, in line with regional markets that eased somewhat.

At 12.30pm, the FBM KLCI dipped 1.05 points to 1,825.90. The index had earlier risen to its intra-morning high of 1,830.63.

Gainers and losers were matched with 356 losers and 355 gainers, while 609 counters traded unchanged. Volume was 3.35 billion shares valued at RM1.76 billion.

Top losers included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Hong Leong Bank Bhd, Inari Amertron Bhd, Unisem (M) Bhd, Allianz Malaysia Bhd, Genting Plantations Bhd, Petronas Dagangan Bhd and Genting Malaysia Bhd.

The actively-traded stocks included UMW Oil & Gas Corp Bhd, Borneo Oil Bhd, Sumatec Resources Bhd, Orion IXL Bhd, Sapura Energy Bhd, Hibiscus Petroleum Bhd, Sino Hua-An International Bhd and DGB Asia Bhd.

Top gainers included Nestle (M) Bhd, LPI Capital Bhd, Edaran Bhd, KESM Industries Bhd, AMMB Holdings Bhd, Lii Hen Industries Bhd, Mercury Industries Bhdm Carlsberg Brewery Malaysia Bhd and Petron Malaysia Refining & Marketing Bhd.

Asian shares flinched from testing their 2007 record peak on Wednesday as investors booked profits in high-tech shares, while oil prices hit three-year highs due to production cuts and a fall in inventories, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3% after six straight days of gains until Tuesday, which has taken it within a stone's throw from the record high touched in November 2007, Reuters said.

Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said stocks surged to record highs in the equity market globally. He said the bull market rally continues.

“Stocks in the local stocks remain upbeat with the FBMKLCI anticipated to test its immediate resistance at 1850 level.

“Technically, the FBMKLCI is on “wave 3” which will be a very strong wave with the upside target range of between 1870-1900 level. Accumulate quality stocks on price weakness,” Dr Nazri said.