KUALA LUMPUR (Nov 23): The FBM KLCI pared some of its gains at the midday break, as sellers outpaced buyers and Genting Bhd fell.

At 12.30pm, the FBM KLCI was up 0.13 points to 1,723.67. The index had earlier risen to its intra-morning high of 1,728.18.

Losers led gainers by 326 to 273, while 515 counters traded unchanged. Volume was 1.14 billion shares, valued at RM715.99 million.

The top gainers included Petron Malaysia Refining & Marketing Bhd, Danainfra Nasional Bhd, Hengyuan Refining Company Bhd, Lysght Galvanized Steel Bhd, Enra Group Bhd, Nestle (M) Bhd, KESM Industries Bhd, C.I. Holdings Bdh and Hong Leong Industries Bhd.

The actives included Trive Property Group Bhd, PUC Bhd, China Stationery Ltd, Hubline Bhd, Orion IXL Bhd, Sumatec Resources Bhd, Green Packet Bhd and Sino Hua-An International Bhd.

The top losers included Negri Sembilan Oil Palms Bhd, British American Tobacco (M) Bhd, Scientex Bhd, APM Automotive Holdings Bhd, Hartalega Holdings Bhd, MSM Malaysia Holdings Bhd, Genting, New Hoong Fatt Holdings Bhd and Kimlun Corp Bhd.

The dollar was on the defensive on Thursday, after suffering its worst drubbing in five months, while bonds celebrated a comeback on speculation the Federal Reserve might not tighten U.S. policy as aggressively as previously thought, according to Reuters.

Moves in Asian share markets were minor, with Japanese markets closed for a holiday and the United States off for Thanksgiving, Reuters said.

CIMB Retail Research said the global equities, including our local market, gained traction from the record-breaking Wall Street close.

It said market sentiment was also boosted by the strong global earnings and economic growth.

“For now, we think that the stronger oil prices and firmer ringgit against the USD may lend some support to the FBM KLCI index.

“Moreover, a bullish harami candle pattern occurring at the recent low level indicates a reduction of selling pressure.

“To confirm the technical rebound, a close above the said pattern high at 1,726 is required. Resistance: 1,729 & 1,750. Support: 1,705 & 1,685,” the research house said.