KUALA LUMPUR (Sept 26): The FBM KLCI clawed back to erase its earlier losses at the midday break today, powered by gains at Tenaga Nasional Bhd and other select index-linked blue chips.  

At 12.30pm, the FBM KLCI was up 2.81 points to 1,797.28. The local index had earlier slipped to its intra-morning low of 1,787.62.

Gainers led losers by 351 to 345, while 1,208 counters traded unchanged. Volume was 1.18 billion shares valued at RM881.40 million.

The gainers included Tenaga, Ajinomoto (M) Bhd, Carlsberg Brewery Malaysia Bhd, New Hoong Fatt Holdings Bhd, QL Resources Bhd, BIMB Holdings Bhd, Kawan Food Bhd, Kuala Lumpur Kepong Bhd and Allianz Malaysia Bhd.

The actives included Sapura Energy Bhd, Hibiscus Petroleum Bhd, EA Holdings Bhd, QES Group Bhd, Reach Energy Bhd, Borneo Oil Bhd and Notion VTec Bhd.

The decliners included British American Tobacco (M) Bhd, Chin Teck Plantations Bhd, Nestle (M) Bhd, KESM Industries Bhd, Rapid Synergy Bhd, Dutch Lady Milk Industries Bhd and Far East Holdings Bhd.

Asian shares inched up on Wednesday, as Chinese stocks extended their recovery to hit eight-week highs on receding fears about the trade war as well as hopes China's weighting in the global benchmark will be increased, according to Reuters.

Other markets were more subdued as U.S. bond yields edged near a seven-year peak ahead of a widely expected rate hike by the Federal Reserve and as international oil prices rose to four-year highs, it said.

Affin Hwang Capital Research said the FBM KLCI Index dropped 5.7 points yesterday.

“Prices have breached below the 20 days EMA. Technical indicators are turning lower as well, showing a drop in momentum. Remain in the assumption of the index to experience consolidation with downward bias in the near-term.

“The FBM KLCI Index may experience normal consolidation in the near-term,” it said.