KUALA LUMPUR (Feb 2): The FBM KLCI rose 1.42 points or 0.1% on bargain hunting after falling with Asian shares. Asian stock markets dropped today following overnight US equity losses and higher US bond yields.

At Bursa Malaysia today, the KLCI settled at 1,870 points at 12:30pm after falling to its lowest so far at 1,863.43 points. The KLCI rebounded on gains in index-linked stocks like Nestle (M) Bhd, Petronas Dagangan Bhd and Hong Leong Financial Group Bhd.

Nestle was top gainer across Bursa Malaysia while Petronas Dagangan and Hong Leong Financial were the second and fourth largest gainers respectively. A remisier, who is based here, told theedgemarkets.com that crude oil prices near US$70 a barrel "supported oil and gas-related counters across Bursa Malaysia".

TA Securities Holdings Bhd wrote in a note today: "Following the recent correction on Wall Street and with most blue chips still at elevated levels and overbought, expect an extended profit-taking correction which will be required to neutralise the short-term excesses. Immediate resistance for the index (KLCI) will be the recent high of 1,872, followed by the 150% FP at 1,888, subsequent to the all-time high of 1,896 [in] July 2014."

Malaysian shares resumed trading today after markets were closed on Wednesday (Jan 31) and Thursday (Feb 1) for the Thaipusam and Federal Territory Day holidays respectively.