KUALA LUMPUR (Dec 26): The FBM KLCI drifted lower at the midday break today amid relatively subdued post-Christmas trade in the region, dragged by Petronas counters as well as Public Bank Bhd.

At 12.30pm, the FBM KLCI shed 0.18 points to 1,604.05. The index had earlier risen to a high 1,607.12.

Gainers led losers by 286 to 233, while 435 counters traded unchanged. Volume was 1.05 billion shares valued at RM535.34 million.

The decliners included Fraser & Neave Holdings Bhd, Petronas Gas Bhd, Petronas Dagangan Bhd, Southern Acids (M) Bhd, Heineken Malaysia Bhd, Public Bank, Asia File Corp Bhd, Amway (M) Holdings Bhd and Ajinomoto (M) Bhd.

The actives included Bumi Armada Bhd, Sapura Energy Bhd, Tiger Synergy Bhd, Ekovest Bhd, Inari Amertron Bhd, JCY International Bhd, KNM Group Bhd, Sino Hua-An International Bhd, i-Stone Group Bhd and DGB Asia Bhd.

The gainers included Carlsberg Brewery Malaysia Bhd, PPB Group Bhd, Dutch Lady Milk Industries Bhd, UMW Bhd, Hong Leong Financial Group Bhd, LPI Capital Bhd, Padini Holdings Bhd, Salutica Bhd and SAM Engineering & Equipment (M) Bhd.

Reuters reported that Philippine shares retreated on Thursday after two sessions of sharp gains, while financials dragged the Singapore benchmark lower ahead of manufacturing data due later in the day.

Trading in most Southeast Asian markets, however, was below a third of their 30-day average volume as traders settled in for year-end holidays, it said.

Affin Hwang Capital Research said the FBM KLCI fell 9.95 points or 0.6%, to close at 1,604.23 on Tuesday.

"Market was closed on Wednesday in observance of Christmas Day. In the previous trading session, the index was rejected from the 1,615 resistance level, showing potential presence of sellers at current levels.

"Note that RSI & Stochastic indicators on the daily timeframe are showing early signs of reversing downwards from overbought territories, which signals a possible reversal.

"In terms of price action, if we witness price making lower lows in the few upcoming sessions, this would further solidify the view of a bearish reversal. Major downtrend remains. 'Window dressing' play likely to unfold in the near term," it said.