KUALA LUMPUR: The FBM KLCI, which had been ceding an early lead all morning, dipped into the red by the lunch break to end what investors had hoped would be the continuation of a China-inspired rally.
At 12.30pm, market trading was halted with the FBM KLCI down 2.98 points to 1,667.39. The benchmark index had been trading within a 9.5-point band of 1,666.28 to 1,675.73.
As investors took profit from the blue chips, the lower liners were also beaten down with a market breadth of 663 decliners compared to 388 gainers.
In total, 2.03 billion shares changed hands for RM1.53bil.
Investors have been flocking into Chinese equities following the announcement of a stimulus measures to prop up the world's second-largest economy.
The Shanghai composite index rose 1.73% to 2,912.65 while Hong Kong's Hang Seng grew 2.01% to 19,382.
The Chinese rally, which brought euphoria to regional markets yesterday, wasn't quite enough to stem the profit-taking in global equities.
While Japan's Nikkei index was up 0.1% to 37,972, Singapore's Straits Times index dropped 0.64% to 3,599.
Meanwhile, Malaysia's blue-chip index was dragged lower by losses in select heavyweights including banks. Maybank shed eight sen to RM10.66, Public Bank fell seven sen to RM4.61 and RHB dropped nine sen to RM6.21.
Meanwhile, glove counters were sharply sold down amid the weakening US dollar. Hartalega
dove 25 sen to RM2.80, Top Glove dropped seven sen to RM1.02 and Kossan slid 13 sen to RM1.89.
Of actives, Globetronics rose four sen to 75 sen, VS Industry slipped nine sen to RM1.02 and MYEG dipped one sen to 89 sen.
