KUALA LUMPUR (Dec 21): The FBM KLCI pared some its gains at mid-morning today and pulled back below the 1,750 level as losers matched gainers on some mild profit taking.

At 10am, the FBM KLCI was up 1.27 points to 1,747.90. The index had earlier risen to a high of 1,751.61.

Losers led gainers at 256 to 254. Volume was 602.86 million shares valued at RM254.13 million.

The gainers included Kuala Lumpur Kepong Bhd, Allianz Malaysia Bhd, Hong Leong Bank Bhd, Hengyuan Refining Company Bhd, Tong Herr Resources Bhd, British American Tobacco (M) Bhd, Nestle (M) Bhd, BIMB Holdings Bhd and Teo Guan Lee Corp Bhd.

The actives included PUC Bhd, DGB Asia Bhd, Perdana Petroleum Bhd, Key Asic Bhd, Diversified Gateway Solutions Bhd, Sino Hua-An International Bhd, SMTrack Bhd and Frontken Corp Bhd.

The decliners included Hartalega Holdings Bhd, Public Bank Bhd, Top Glove Corp Bhd, Kossan Rubber Industries Bhd, UMS-Neiken Group Bhd, Hap Seng Consolidated Bhd, New Hoong Fatt Holdings Bhd and Time dotCom Bhd.

Asian markets offered a muted reaction on Thursday to the passage of US tax cuts as benefits to company bottom lines were already baked into stock prices, while bonds were spooked by the blowout in government debt needed to fund the giveaways, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1% in thin trade, while Australian stocks lost 0.3%, it said.

Hong Leong IB Research in a traders' brief said in the US, the major indexes would take a short breather after the US has approved the largest tax overhaul in 30 years, which will be reducing the corporate tax rate from 35% to 21%.

"However, we believe the pullback will be mild as reducing the corporate tax could boost companies' earnings and would spur US corporates to increase capital expenditure, contributing to higher share performance, eventually.

"Meanwhile, stocks on the local front are likely to head higher on the back of resumptions of buying support from foreign funds and we believe higher beta stocks will be focused during the window-dressing period.

"Also, traders could look out for opportunities within the small cap technology stocks for short-term trading ideas," it said.