KUALA LUMPUR (Jan 18): The FBM KLCI defended its meagre gains at mid-morning today, lifted by select blue chips.

At 10.01am, the FBM KLCI was up 3.65 points to 1,666.68.

The top gainers included Panasonic Malaysia Manufacturing Bhd, Petronas Gas Bhd, Ekovest Bhd, Hong Leong Bank Bhd, KESM Industries Bhd, Sarawak Oil Palms Bhd, Maxis Bhd and Axiata Group Bhd.

The actives included Matang Bhd, SKH Resources Bhd, Hibiscus Petroleum Bhd, JAG Bhd,Green Packet Bhd, Nexgram Holdings Bhd and Borneo Oil Bhd.

The losers included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, PPB Group Bhd, Top Glove Corporation Bhd, Hap Seng Consolidated Bhd and Tasek Corporation Bhd.

The British pound consolidated gains on Wednesday after posting its biggest rise in nearly two decades in the previous session, while Asian stocks are set to drift lower following a weak Wall Street, according to Reuters.

Sterling saw its biggest daily rise since at least 1998 on Tuesday as Prime Minister Theresa May promised a parliamentary vote on Britain's deal to leave the EU and sought to draw a line under discussion of a "hard" or "soft" Brexit, it said.

Hong Leong IB Research said traders are likely to remain sidelined amid the uncertain Trump's economic policies.

“Also, earnings results will be monitored closely by investors to trade accordingly. The Dow may trade rangebound within the 19,700-20,000 levels. However, if the key index drop below 19,700, next support in sight will be located around 19,300-19,400

“On the local front, buying interest has picked up as traders look for bargain hunting opportunities after the sell down two days ago.

“We anticipate the short term move will still be positive with the upside to FBM KLCI seen around the 1,680-1,690 levels. However, we still opine that market will be cautious prior to the Donald Trump’s inauguration on this coming Friday,” it said.