KUALA LUMPUR (Jan 4): The FBM KLCI hovered above the 1,800-point level at mid-morning while oil and gas-related stocks remained in focus as crude oil prices stayed firm.

Reuters reported that oil prices on Thursday remained near levels last seen in late 2014/2015, with markets tightening amid tensions in Iran and due to ongoing OPEC-led production cuts.

At 10.10am, the FBM KLCI was up 7.32 points to 1,800.11.

Gainers led losers by 513 to 245, while 315 counters traded unchanged. Volume was 1.46 billion shares valued at RM691.07 million.

The top gainers included KESM Industries Bhd, Sime Darby Bhd, Lysaght Galvanized Steel Bhd, Malaysian Pacific Industries Bhd, UMW Holdings Bhd, Petronas Dagangan Bhd, Inari Amertron Bhd, Sarawak Oil Palms Bhd and Petronas Gas Bhd.

The actives included UMW Oil & Gas Corp Bhd, Sino Hua-An International Bhd, Iris Corp Bhd, P.A. Resources Bhd, Sapura Energy Bhd, Priceworth International Bhd and DGB Asia Bhd.

The decliners included Hengyuan Refining Company Bhd, Fraser & Neave Holdings Bhd, Petron Malaysia Refining & Marketing Bhd, Heineken Malaysia Bhd, Aeon Credit Service (M) Bhd, United Plantations Bhd, Nestle (M) Bhd, Kossan Rubber Industries Bhd and Press Metal Aluminium Holdings Bhd.

Asian shares scaled a 10-year high on Thursday as solid economic data from the United States and Germany reinforced investors' optimism while oil prices hovered at 2-1/2-year high with unrest in Iran stoking supply disruption concerns, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1 percent, coming near its 2007 peak, with Australian shares hitting a decade high, it said.

Hong Leong IB Research in a traders’ brief said Investors may maintain the trading optimism as the corporate tax reduction trading theme is likely to stay over the near term.

“Moreover, with the stable semiconductor growth and continuation of the Brent crude oil sustaining above US$60, we opine that the Dow may visit the immediate resistance of 25,000.

“Similarly, sentiments on the local bourse could stay positive, tracking the bullish performance on the overnight Wall Street.

“Although selected GLCs retraced mildly on the back of profit taking activities in the second session yesterday, we think stocks in general will remain buoyant driven by the short window of accumulation ahead of the anticipated GE14,” it said.