KUALA LUMPUR (Nov 17): The FBM KLCI staged a technical rebound today and rose 0.37% at mid-morning, lifted by index-linked blue chips.

At 10am, the FBM KLCI rose 6.31 points to 1,724.42.

The gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Kossan Rubber Industries Bhd, United Plantations Bhd, PMB Technology Bhd, Amway (M) Holdings Bhd, Petronas Dagangan Bhd, Genting Bhd, SAM Engineering & Equipment (M) Bhd and Grand Hoover Bhd.

The actives included Kejuruteraan Asastera Bhd, DGB Asia Bhd, Hubline Bhd, NetX Holdings Bhd, Asia Bioenergy Technologies Bhd, Malayan United Industries Bhd, Hibiscus Petroleum Bhd, Green Packet Bhd and Berjaya Corp Bhd.

The decliners included Allianz Malaysia Bhd, Heineken Malaysia Bhd, YSP Southeast Asia Holding Bhd, Tomei Consolidated Bhd, Pintaras Jaya Bhd, Petronas Gas Bhd, Hartalega Holdings Bhd and Hock Heng Stone Industries Bhd.

Asian shares rose on Friday as strong US earnings and a step forward in the US Congress on tax reform brightened the mood, even though investors noted that many more hurdles must be passed to reach a final deal on tax cuts, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1% while Japan's Nikkei gained 0.9%, extending its recovery from a near three-week intraday low hit the previous day, it said.

Hong Leong IB Research in a traders brief said the Dow's downside risks are likely to be well cushioned for the time being amid positive economy and corporate earnings outlook coupled with supportive monetary policies.

"We see near-term range bound consolidation within 22,800 to 24,000 until more clarity of the tax overhaul details.

"On Bursa Malaysia, we may anticipate a technical rebound today amid overnight Dow's 0.8% rally. However, any rebound may be capped near 1,728 zones as market sentiment is likely to retain a cautious mode amid ongoing 3Q17 reporting season and FBM KLCI index rebalancing exercise on Nov 30 coupled with political uncertainty ahead of the upcoming GE14.

"Key supports are 1,700-1,706 while resistances fall on 1,728-1,751,"it said.