KUALA LUMPUR: The FBM KLCI lost nearly all its gains from the previous session as the rally in global equities fizzled on Friday.

China's sales growth, showed to be the weakest since 2003, and slowing industrial growth triggered the selldown as they pointed to further signs of an economic slowdown.

At 12.30pm, the FBM KLCI fell 11.25 points to 1,664.75. Turnover was 845 million shares valued at RM563.5mil. There were 470 decliners versus 190 advancers and 273 counters unchanged.

The KLCI's top three heavyweights were on the slide. Tenaga Nasional fell 24 sen to RM13.22, Public Bank lost 24 sen to RM24.74 and Maybank dropped eight sen to RM9.36.

Other stocks in the red included CIMB slipping three sen to RM5.81, Hong Leong Bank falling 10 sen to RM20.40 and Petronas Gas losing 20 sen to RM19.

Only three KLCI counters advanced in morning trade comprising Hap Seng Consolidated rising four sen to RM9.89, MISC gaining nine sen to RM6.17 and Maxis lifting four sen to RM5.25.

Kian Joo hit limit up at the opening bell, soaring 60 sen to RM2.63 following a mandatory general offer for the stock by Can-One . Can-One climbed 21 sen to RM2.14.

Leading laggards on the stock exchange were consumer counters BAT falling RM1.08 to RM35.76, Dutch Lady falling 48 sen to RM62 and Heineken sliding 28 sen to RM20.20.

Some profit-taking was seen in oil markets following the 2% surge in prices in the previous session. WTI crude slid 19 cents to US$52.39 a barrel while Brent crude dropped 42 cents to US$61.03 a barrel. 

In currencies, the ringgit fell marginally against the US dollar to 4.1820. It rose 0.3% against the pound sterling to 5.2827 and 0.1% against the Singapore dollar to 3.0475.