KUALA LUMPUR (Sept 13): The FBM KLCI hovered below the crucial 1,600-point level at the midday break Friday, ahead of the extended weekend as the prevailing downtrend persisted.

At 12.30pm, the FBM KLCI dipped 3.22 points to 1,597.78. The index had earlier in the morning risen to a high of 1,603.68.

Losers led gainers by 252 to 231, while 493 counters traded unchanged. Volume was 959.13 million shares valued at RM558.83 million.

The decliners included Dutch Lady Milk Industries Bhd, Hong Leong Financial Group Bhd, Allianz Malaysia Bhd, Fraser & Neave Holdings Bhd, Hong Leong Bank Bhd and Malaysia Airports Holdings Bhd.

The actives included Bumi Armada Bhd, i-Stone Group Bhd, Vsolar Group Bhd, MNC Wireless Bhd, Priceworth International Bhd, Sapura Energy Bhd and Green Packet Bhd.

The gainers included British American Tobacco (M) Bhd, Nestle (M) Bhd, United Plantations Bhd, Magni-Tech Industries Bhd, Carlsberg Brewery Malaysia Bhd, PPB Group Bhd, Greatech Technology Bhd and Heineken Malaysia Bhd.

Asian stocks advanced on Friday as hints of progress in US-China trade talks and aggressive stimulus from the European Central Bank helped counter worries about a global economic slowdown, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.3% though mainland China and South Korea were closed for public holidays. Japan's Nikkei rose 1% to four-month highs, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed little changed in yesterday's session, dropping 1.3 points or 0.08% only, closing at 1,601.

"The index continues to consolidate within the 1,580-1,620 trading range, currently hovering around the 1,600 psychological level.

"Moving forward, a break above the trading range may point towards an upward bias while a break below may signify a continuation in the prevailing downward trend.

"Anticipate the index to trade sideways within a tight range," it said.