KUALA LUMPUR (Aug 12): The FBM KLCI fell 1.44% at the midday break today as regional markets were mired in the red with investors spooked after China devalued its yuan by 1.9%.

At 12.30pm, the FBM KLCI lost 23.23 points to 1,613.48.

Market sentiment turned bearish with losers hammering gainers by 860 to 81, while 161 counters traded unchanged. Volume was 1.24 billion shares valued at RM913.56 million.

The top losers included Dutch Lady Milk Industries Bhd, Hong Leong Bank Bhd, Pharmaniaga Holdings Bhd, Hong Leong Financial Group Bhd, SAM Engineering & Equipment Bhd, Panasonic Malaysia Manufacturing Bhd, Public Bank Bhd, Guinness Anchor Bhd, Fraser & Neave Holdings Bhd and Pestech International Bhd.

The actively traded counters included Ingenuity Consolidated Bhd, Sumatec Resources Bhd, APFT Bhd, Xinghe Holdings Bhd, BTM Resources Bhd and Tiger Synergy Bhd.

The gainers included DanaInfra Nasional Bhd, Kim Loong Resources Bhd, Lafarge Malaysia Bhd, British American Tobacco (M) Bhd, Shell Refining Company (Federation of Malaya) Bhd and TAHPS Group Bhd.

Southeast Asian stocks tumbled on Wednesday, with Indonesia hitting its lowest since February 2014, as China's move to extend yuan devaluation hurts other Asian currencies and hits sentiment toward stocks, according to Reuters.

BIMB Securities Research said that on earlier trading, key regional indexes ended broadly lower with major selling by foreign investors as China devalued its currency.

Back home, it said the FBM KLCI ended sharply lower, losing 17.66 points or 1.07% to 1,636.71, with major selling in oil and gas, and banking stocks.

“Trading participation saw net selling by foreign institutions while local institutions and local retail were net buyers.

“Despite the attractive valuations, we expect the local market to remain sideways with slight downside bias due to continuous selling by foreign investors with the index hovering circa 1,630,” it said.