KUALA LUMPUR (Feb 8): The FBM KLCI lost 0.50% at midday break today, as market sentiment turned negative and key index-linked stocks fell.

At 12.30pm, the FBM KLCI lost 8.44 points to 1,684.95.

Losers led gainers by 275 to 215, while 429 counters traded unchanged. Volume was 1.06 billion shares, valued at RM610.89 million.

The losers included British American Tobacco (M) Bhd, Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Kuala Lumpur Kepong Bhd, Tenaga Nasional Bhd, Gening Plantations Bhd, Axiata Group Bhd, United Plantations Bhd and Hong Leong Financial Group Bhd.

The actives included Bumi Armada Bhd, Sapura Energy Bhd, KNM Group Bhd, FGV Holdings Bhd and Prestariang Bhd.

Meanwhile, the gainers included Ajinomoto (M) Bhd, SAM Engineering & Equipment Bhd, Lysaght Galvanized Steel Bhd, Petronas Dagangan Bhd, Rapid Synergy Bhd, QL Resources Bhd and Naim Holdings Bhd.

Southeast Asian stock markets fell on Friday with Philippines slipping the most, after U.S. President Donald Trump said he did not plan to meet his Chinese counterpart Xi Jinping before the 90-day truce deadline, renewing fears of a prolonged trade war, according to Reuters.

A person briefed on the talks said Trump's advisers were concerned that accepting a meeting invitation at this stage would raise unfounded expectations for a quick deal and erode U.S. leverage in the talks, where the two sides remain far apart on core structural intellectual property issues, it said.

Affin Hwang Capital Research said that technically, a short-term technical rebound that took place in the global equity markets recently has just ended and the markets anticipated resuming their prevailing downward trend from now on.

It said the FBMKLCI Index is expected to retest its immediate support at 1,650 soon.

“Note that since mid of October 2018, the index has struggled to reclaim its position above EMA50d. On US-China trade war, market perception hinted that it is highly likely that no concrete deal will be reached before March deadline, thus the trade war concern remains.

“Anticipate the FBMKLCI Index to congest sideways, with downward biases,” the research house said.