KUALA LUMPUR (May 5): The FBM KLCI pared some of its gains at the midday break as regional markets extended their losses for a third day running.

At 12.30pm, the FBM KLCI was up 3.77 points to 1,762.44. The index had earlier risen to its intra-morning high of 1,763.68.

Gainers led losers by 509 to 284, while 388 counters traded unchanged. Volume was 1.70 billion shares valued at RM961.16 million.

The top gainers included Malaysian Pacific Industries Bhd, JHM Consolidation Bhd, Nestle (M) Bhd, SAM Engineering & Equipment (M) Bhd, Success Transformer Corp Bhd, ECM Libra Financial Group Bhd, Panasonic Manufacturing Malaysia Bhd, Top Glove Corp Bhd, Ajinomoto (M) Bhd and Malaysia Airports Holdings Bhd.

The actives included NetX Holdings Bhd, Key Alliance Group Bhd, Ekovest Bhd, Tiger Synergy Bhd, Globaltec Formation Bhd, Dagang NeXchange Bhd, Luster Industries Bhd and AirAsia X Bhd.

The losers included Batu Kawan Bhd, Mintye Bhd, HCK Capital Group Bhd, Hap Seng Consolidated Bhd, Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, Sapura Energy Bhd and UMW Oil & Gas Corp Bhd.

Asian stocks declined for a third consecutive day on Friday as fresh falls in commodities raised concerns about the health of the global economy, though the euro bucked the broad weakness on receding concerns about France's presidential election, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4% on Friday and was trading at its lowest level since April 25, it said.

Kenanga IB Research said the FBM KLCI tumbled like a rolling potato yesterday, as market sentiment turned sour, underpinned by the lapsing of Bandar Malaysia deal, nose-diving 13.84 points (0.781%) to close at 1,758.67.

It said the broader market saw 824 decliners outrunning 185 advancers during intra-day.

"Looking at its daily chart, the benchmark index has gapped down to settle just above its 20-day SMA trend line.

"The immediate-term outlook has turned bearish as showcased by the declining daily RSI and Stochastic, reflecting the heavy selling pressure.

"With the domestic sentiment being shaken by a series of negative news recently, we opine that the FBM KLCI will close the week on a lower note.

"Support levels are found at 1,750 (S1)/1,729 (S2), while resistance are now capped at 1,760 (R1)/1,776 (R2)," it said.