KUALA LUMPUR (Sept 3): The FBM KLCI reversed its gains in the mid-morning as losses of index-linked Hartalega Holdings Bhd, Tenaga Nasional Bhd (TNB) and Public Bank Bhd weighed against a backdrop of firmer regional markets.

At 10am, the KLCI had dipped 5.51 points to 1,532.03. The index earlier rose to a high of 1,544.18.

Market breadth turned negative with 511 losers and 333 gainers, while 381 counters traded unchanged. Trading volume was 2.55 billion shares valued at RM1.41 billion.

The top losers included Nestle (Malaysia) Bhd, Hartalega, Dutch Lady Milk Industries Bhd, Fraser & Neave Holdings Bhd, Kossan Rubber Industries Bhd, PPB Group Bhd, TNB and Public Bank.

The actives included Pegasus Heights Bhd, Permaju Industries Bhd, MQ Technology Bhd, Pasukhas Group Bhd, DGB Asia Bhd, JCY International Bhd and Fitters Diversified Bhd.

The gainers included Lysaght Galvanized Steel Bhd, Malaysian Pacific Industries Bhd, Top Glove Corp Bhd, ViTrox Corp Bhd and KLCC Property Holdings Bhd.

Bloomberg said stocks in Asia followed their US peers higher amid signs a rally that took global equities to a record high was broadening into other sectors and away from technology.

Treasuries edged up, it reported.

JF Apex Securities Research said US markets advanced overnight as investors looked forward to the jobless claims data to be released today.

It said that earlier, European stocks ended positively amid eurozone headline inflation turning negative in August and German retail sales unexpectedly falling in July.

“On the local market, the FBM KLCI gained 16.11 points or 1.06% to 1,537.45 points.

“Following the overnight positive performances in the US and Europe, the FBM KLCI could continue its winning streak with resistance at 1,550 points and support at 1,510 points,” it said.