KUALA LUMPUR (Jan 4): The FBM KLCI rose to a one-year high and breached the 1,800-point level this morning, before paring some of its gains at midday break.

At 12.30pm, the FBM KLCI rose 0.4% or 7.23 points to 1,800.02. The index had earlier risen to its intra-morning high of 1,802.44.

Gainers outpaced losers by 461 to 250, while 582 counters traded unchanged. Volume surged to 3 billion shares, valued at RM1.54 billion.

The top gainers included Top Glove Corp Bhd, Hartalega Holdings Bhd, KESM Industries Bhd, UMW Holdings Bhd, Sime Darby Bhd, Kossan Rubber Industries Bhd, Petronas Chemicals Group Bhd, Serba Dinamik Holdings Bhd and Globetronics Technology Bhd.

The actively-traded stocks included P.A. Resources Bhd, UMW Oil and Gas Corp Bhd, Diversified Gateway Solutions Bhd, Iris Corp Bhd, Sino Hua-An International Bhd, Hibiscus Petroleum Bhd, Sapura Energy Bhd and Priceworth International Bhd.

The decliners included Hengyuan Refining Company Bhd, Petron Malaysia Refining & Marketing Bhd, Fraser & Neave Holdings Bhd, Dutch Lady Milk Industries Bhd, Ajinomoto (M) Bhd, Heineken Malaysia Bhd and SCGM Bhd.

Asian shares scaled a 10-year high on Thursday as solid economic data from the United States and Germany reinforced investors' optimism, while oil prices hovered at a 2-1/2-year high, with unrest in Iran stoking supply disruption concerns, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1%, coming near its 2007 peak, with Australian shares hitting a decade high, Reuters said.

Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said local stocks firmed up well and are likely to remain upbeat, as Pre-GE14’s rally continues.

“The FBM KLCI rose 0.06% to 1792.79. Index linked stocks and GLCs-related stocks were amongst the top gainers.

“Going forward, investors are likely to focus on mid- and large cap stocks, particularly those with links to political parties that will participate the coming general election.

“The FBM KLCI to test 1800 on GE14 sentiments. Upper trading range limited to 1800-1850 in the near term. Buy on weakness,” Dr Nazri said.