KUALA LUMPUR (Nov 2): The FBM KLCI pared some of its gains at mid-morning today as sentiment stayed cautious.

At 10am, the FBM KLCI was up 0.66 points to 1,744.59. The index had earlier risen to a high of 1,747.17.

The gainers included Nestle (M) Bhd, British American Tobacco (M) Bhd, PMB Technology Bhd, Kim Loong Resources Bhd, Batu Kawan Bhd, Malaysian Pacific Industries Bhd, Press Metal Aluminium Holdings Bhd, Top Glove Corp Bhd and Malaysia Smelting Corp Bhd.

The actives included Trive Property Group Bhd, Sino Hua-An International Bhd, Borneo Oil Bhd, Berjaya Corp Bhd, Sapura Energy Bhd, Ekovest Bhd, Inta Bina Group Bhd and APFT Bhd.

The losers included Fraser & Neave Holdings Bhd, Sapura Energy, Time dotCom Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd, YSP Southeast Asia Holding Bhd, United U-Li Corp Bhd, Tenaga Nasional Bhd, Apex Healthcare Bhd and TRIplc Bhd.

Asian shares advanced on Thursday after the US Federal Reserve expressed optimism about the economy, virtually cementing the case for a year-end rate hike as investors awaited the formal nomination of the next head of the central bank, according to Reuters.

The White House plans to nominate current Fed Governor Jerome Powell as the next chair when Janet Yellen's term expires in February, a source familiar with the matter said on Wednesday. Powell's nomination is expected later on Thursday and would need to be confirmed by the Senate, it said.

Hong Leong IB Research in a traders' brief said with the firmer US earnings season, investors could maintain the bullish tone of investment over the near term.

"Also, the market may digest the potential pick of Jerome Powell by the White House to succeed the Fed-chair and the next key event that investors may follow will be the corporate tax cut details that will be [revealed] soon by President Trump.

"On the local front, sentiments are expected to remain cautious moving into the reporting season.

"Also, with the violation of the KLCI below SMA200, selling pressure may continue throughout the week.

"Nevertheless, we think the O&G sector is likely to stay positive with the Brent crude oil prices steadied above the psychological level of US$60," it said.