KUALA LUMPUR (Nov 18): The FBM KLCI stayed below the 1,600-point level as local investor sentiment remained fragile against the backdrop of mixed regional markets.

At 12.30pm, the FBM KLCI shed 0.87 points to 1,593.88. The index had earlier risen to a high of 1,596.17.

Losers led gainers by 288 to 259, while 506 counters traded unchanged. Volume was 1.22 billion shares valued at RM591.55 million.

The decliners included British American Tobacco (M) Bhd, G3 Global Bhd, Dutch Lady Milk Industries Bhd, Public Bank Bhd, Fraser & Neave Holdings Bhd, Hong Leong Bank Bhd and Petronas Dagangan Bhd.

The actives included Sapura Energy Bhd, Bumi Armada Bhd, NetX Holdings Bhd, Trive Property Group Bhd, PUC Bhd, JAKS Resources Bhd and Lambo Group Bhd.

The gainers included Nestle (M) Bhd, United Plantations Bhd, PPB Group Bhd, Master-Pack Group Bhd, Petronas Gas Bhd, ViTrox Corp Bhd, ATA IMS Bhd, Teck Guan Perdana Bhd and Negri Sembilan Oil Palms Bhd.

Stocks saw a muted open to the week in Asia as investors await fresh developments on the US-China trade front. Treasuries stabilized after advancing last week, according to Bloomberg.

Japanese equities were little changed, while Hong Kong outperformed, though that market tumbled last week and its resilience will be tested by continuing unrest in the city. Shares in Australia and South Korea dropped. US futures were flat after the S&P 500 Index Friday reached another record in a sixth week of gains, the longest streak in two years. Ten-year Treasury yields are about 1.82%. The yuan dipped after China lowered the cost it charges on short-term open-market operations, it said.

Affin Hwang Capital Research said the FBM KLCI Index moved slightly higher on Friday, gaining 1.2 points or 0.08%, closing at 1,594.75.

"The index [is] perceived to have reached its peak for this current rally as supported by few factors: 1) The index was rejected from the 1,615 immediate resistance, showing signs of selling, 2) MACD (moving average convergence divergence) is steadily converging towards the Signal line, almost crossing below it while RSI (relative strength index) & Stochastic are exiting overbought regions, now turning lower.

"Hence, we may see the index drift lower from current levels," it said.