KUALA LUMPUR (Feb 14): The FBM KLCI pared some of its gains at mid-morning today ahead of the release of local economic data at noon today.

Malaysia 4Q GDP data is set to be announced later and market consensus is expecting it to be at 5.8%.

At 10.15am, the FBM KLCI was up 0.16 points to 1,833.18. The index had earlier risen to a high of 1,835.72.

Gainers led losers by 271 to 229, while 302 counters traded unchanged. Volume was 358.67 million shares valued at RM241.87 million.

The gainers included Southern Steel Bhd, Malaysia Airports Holdings Bhd, Hong Leong Industries Bhd, Fraser & Neave Holdings Bhd, Top Glove Corp Bhd, Kuchai Development Bhd, Lii Hen Industries Bhd and Malaysia Steel Works (KL) Bhd.

The actives included PUC Bhd, Sumatec Resources Bhd, Diversified Gateway Solutions Bhd, Tiger Synergy Bhd, Sino Hua-An International Bhd, Hiap Teck Venture Bhd, Sapura Energy Bhd and Hibiscus Petroleum Bhd.

The decliners included British American Tobacco (M) Bhd, Petronas Gas Bhd, Hong Leong Financial Group Bhd, KLCC Property Holdings Bhd, Genting Plantations Bhd, Unisem (M) Bhd, Hong Leong Bank Bhd, MSM Malaysia Holdings Bhd and Time Dotcom Bhd.

Asian shares were set for a tense session on Wednesday as investors await readings on US inflation that could fan fears of faster rate hikes and unleash another burst of global volatility, according to Reuters.

The early inclination was to inch higher as E-Minis for the S&P 500 added 0.1% and MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%, it said.

Hong Leong IB Research in a traders' brief said that technically, the rebound from recent Dow's correction remains intact and it may revisit 25,000-25,500 over the near term with key supports at 23,500-24,000 zones.

"Nevertheless, choppiness will prevail and restrict any rebound beyond 25,500 as investors continue to digest the wild swings amid concerns over inflationary pressures and spiking bond yields.

"In the near term, sentiment on the local front may stay cautious and lacklustre amid an extended CNY holidays (Bursa Malaysia will close Feb 15 (2nd half) and Feb 16) and ongoing February reporting season.

"Moreover, uncertainty over the GE14 could dampen sentiment as there is speculation that Parliament could be dissolved during the 1st session of the 6th Parliamentary meeting, which begins from Mar 5-Apr 5," it said.