KUALA LUMPUR (Nov 29): The FBM KLCI pared some of its gains at mid-morning today as sellers closed in on buyers.

At 10am, the FBM KLCI was up 0.22 pt to 1,714.64. The index had  earlier risen to a high of 1,719.43.

Gainers edged losers by 272 to 266, while 271 counters traded unchanged. Volume was 390.36 million shares valued at RM246.71 million.

The gainers included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Tenaga Nasional Bhd, Hengyuan Refining Company Bhd, PPB Group Bhd, Southern Steel Bhd, Tong Herr Resources Bhd, Texchem Resources Bhd, Heineken Malaysia Bhd and Hong Leong Industries Bhd.

The actives included Green Packet Bhd, Diversified Gateway Solutions Bhd, PUC Bhd, Karambunai Corp Bhd, Hibiscus Petroleum Bhd, Hubline Bhd, KNM Group Bhd and JAG Bhd.

The losers included Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd, Carlsberg Brewery Malaysia Bhd, Latitude Tree Holdings Bhd, UMW Holdings Bhd, Malaysia Pacific Industries Bhd, Genting Plantations Bhd, Hong Leong Bank Bhd, UEM Edgenta Bhd and MKB Bhd.

Asian shares rose and the dollar held firm on Wednesday after Wall Street shot to record peaks amid signs of progress on U.S. tax cuts, upbeat economic data and bank-friendly comments from the would-be head of the Federal Reserve, according to Reuters.

There was no obvious market reaction to the latest missile test by North Korea. President Donald Trump said the United States "will take care of" the North Korea issue and the approach to dealing with Pyongyang would not change, it said.

Hong Leong IB Research in a traders’ brief said in light of positive expectations of Trump’s tax overhaul plans now following the approval of Republican tax bill, the Dow is likely to advance further towards our envisaged 24,000-24,300 resistances in the short term, supported by positive economy & corporate earnings outlook, supportive monetary policies and bets that the Trump administration will deliver tax cuts and other business-friendly policies.

It said key supports are 22,800-23,100.

“Despite recent ringgit and oil price strength, KLCI is expected to continue to disconnect against regional markets’ outperformance, underpinned largely by GE14 uncertainty, 2018 earnings prospects amid ongoing Nov reporting season coupled with fears of vicious economic cycle as a result of the current episode of property imbalances.

“Although KLCI is expected to stage a long overdue oversold rebound following a rally in Dow overnight, stronger buying momentum is needed for the index to neutralise bearish momentum and encourage a more sustainable recovery. Weekly supports are 1700-1706 while resistances fall at 1728-1736 levels,” it said.