KUALA LUMPUR (July 15): The FBM KLCI dipped 0.12% at mid-morning today, tracking softer regional markets.

At 10am, the FBM KLCI was down 1.98 points to 1,667.47.

Losers led gainers by 287 to 223, while 288 counters traded unchanged. Volume was 610.93 million shares valued at RM241.42 million.

The losers included Fraser & Neave Holdings Bhd, United Plantations Bhd, Hong Leong Financial Group Bhd, Hap Seng Consolidated Bhd, Spritzer Bhd, Carlsberg Brewery Malaysia Bhd and Hong Leong Bank Bhd.

The actives included Eden Inc Bhd, KNM Group Bhd, Sumatec Resources Bhd, Bumi Armada Bhd and Karex Bhd.

The gainers included Malaysian Pacific Industries Bhd, Paramount Corp Bhd, Scientex Bhd, G3 Global Bhd, KSL Holdings Bhd and ViTrox Corp Bhd.

Asian shares started the week on a softer note on Monday after posting their first weekly decline since early June, while the US dollar was on the defensive ahead of key economic data from China, according to Reuters.

Trading was expected to be light as Japan was shut for a public holiday, it said.

Hong Leong IB Research said all eyes are on the deluge of 2Q19 key results coming from J.P. Morgan, Citigroup, Goldman Sachs, Bank of America, Microsoft, Netflix, American Express etc, which could provide the next big challenge to ongoing US Federal Reserve-driven market rally.

"Estimates for the season are downbeat, with analysts expect the S&P 500 earnings to fall by 2.9%, mainly due to the Trump's multi-front trade wars' tariffs, making them the latest risk for the market.

"Major weekly resistance levels are around 27,500/27,800/28,000 while supports are pegged around 26,900/26,700/26,300.

"Despite Dow's bullish record close last Friday, KLCI is unlikely to play a strong catch-up in the near future on negative technicals unless it can swiftly reclaim the support-turned-resistance 1,680 (200D SMA) levels.

"Balancing with the potential local and external risks, we prefer George Kent (M) Bhd/Advancecon Holdings Bhd/OKA Corp Bhd (mega projects revival proxies); Dayang Enterprise Holdings Bhd/Dialog Group Bhd (rising O&G maintenance jobs); Guan Chong Bhd/Johore Tin Bhd/Revenue Group Bhd (consumer plays); ARB Bhd/ Bahvest Resources Bhd/DRB-Hicom Bhd (turnaround stories) coupled with Malayan Banking Bhd/Axis REIT/Taliworks Corp Bhd (yields play). Major weekly resistance levels are 1,680/1,694/1,700 while supports are pegged at 1,655/1,647/1,633," it said.