KUALA LUMPUR (Dec 14): The FBM KLCI rose 0.59% at mid-morning and headed towards the 1,750-point level, in line with the gains at most regional markets.

At 10am, the FBM KLCI rose 10.63 points to 1,748.29.

Gainers led losers at 325 versus 209, while 385 counters traded unchanged. Volume was 541.41 million shares valued at RM349.56 million.

The top gainers included Public Bank Bhd, Panasonic Manufacturing Malaysia Bhd, Hengyuan Refining Company Bhd, Petronas Gas Bhd, Top Glove Corp Bhd, Advanced Packaging Technology (M) Bhd, LPI Capital Bhd, Petron Malaysia Refining & Marketing Bhd and British American Tobacco (M) Bhd.

The actives included Trive Property Group Bhd, Sapura Energy Bhd, PUC Bhd, NetX Holdings Bhd, Ekovest Bhd, Key Alliance Group Bhd and Diversified Gateway Solutions Bhd.

The losers included Aeon Credit Service (M) Bhd, Selangor Properties Bhd, UMW Holdings Bhd, Pentamaster Corp Bhd, JHM Consolidation Bhd and Kuala Lumpur Kepong Bhd.

Asian stocks edged higher on Thursday after the Federal Reserve delivered a much-anticipated interest rate hike but flagged caution about inflation, tempering expectations for future tightening, which weighed on the US dollar and Treasury yields, according to Reuters.

As widely expected, the Fed raised rates for the third time this year on Wednesday while sticking to its projection for three rate increases next year, it said.

Hong Leong IB Research in a traders' brief said as the interest rate decision is in line with the market expectations of 25 basis points, market volatility was much measured and the underlying message of the interest rate hike is the firmer recovery of the economic activities.

"Hence, we think any downside will be limited over the near term and the Wall Street is likely to mark fresh record highs within the uptrend channel.

"Meanwhile, buying support from the foreign funds has returned to the local bourse and this has supported selected heavyweights on the back of window dressing activities.

"We opine that the KLCI will be able to extend its recovery towards 1,740-1,750 after being supported near the 1,710 level over the last two weeks. Similarly, broader market is likely to stay positive with the steadier trading interest in technology stocks," it said.