KUALA LUMPUR (July 4): The FBM KLCI rose at midday break today, lifted by gains at select index-linked blue chips, including Telekom Malaysia Bhd and Axiata Group Bhd, against the backdrop of weaker regional markets.

At 12.30pm, the FBM KLCI rose 5.81 points to 1,686.18. The index had earlier risen to a high of 1,687.12.

Losers led gainers by 278 to 253, while 490 counters traded unchanged. Volume was 1.03 billion shares, valued at RM682.37 million.

Top gainers included British American Tobacco (M) Bhd, Heineken Malaysia Bhd, Telekom Malaysia, Hong Leong Bank Bhd, Axiata, Panasonic Manufacturing Malaysia Bhd, Time Dotcom Bhd, Kuala Lumpur Kepong Bhd and QL Resources Bhd.

The actives included Sapura Energy Bhd, Nova MSC Bhd, My E.G. Services Bhd, Telekom Malaysia, PUC Bhd, RGB International Bhd and IFCA MSC Bhd.

The decliners included Allianz Malaysia Bhd, Malaysian Pacific Industries Bhd, Tenaga Nasional Bhd, UMW Holdings Bhd, Hong Leong Financial Group Bhd and Nestle (M) Bhd.

Asian stocks slipped on Wednesday on the spectre of a Sino-U.S. trade war, ahead of an end-of-week deadline for U.S. tariffs on US$34 billion worth of Chinese imports, while the yuan stabilised after China's central bank moved to calm nervous investors, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.2%, a day after it hit a nine-month low. Japan's Nikkei lost 0.7%, Reuters said.  

Affin Hwang Capital Research said the FBM KLCI Index fell slightly, down 4.68 points, despite overnight gains in the US market.

“The arrest of former prime minister Datuk Seri Najib Razak due to investigations into 1MDB and expectation to be charged today, is likely to be the main highlight for local investors.

“The FBM KLCI Index likely to move sideways with slight upward bias in the near-term,” the research house said.