KUALA LUMPUR (Feb 15): The main index at Bursa Malaysia held on to the 1,600 threshold at the midday break Monday despite paring some of its gains, against the backdrop of firm regional markets.

At 12.30pm, the FBM KLCI was up 9.89 points to 1,609.31. The index had earlier risen to a high of 1,614.92.

Market breadth was positive with 538 gainers and 234 losers, while 727 counters traded unchanged. Trading volume was 5.56 billion shares valued at RM2.56 billion.

The top gainers included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Genetec Technology Bhd, ViTrox Corp Bhd, UWC Bhd, PMB Technology Bhd, Grand Hoover Bhd, Malaysian Pacific Industries and Central Global Bhd.

The actively traded stocks included Dagang NeXchange Bhd, DGB Asia Bhd, Luster Industries Bhd, AT Systematization Bhd, Jaks Resources Bhd, Dataprep Holdings Bhd and QES Group Bhd.

The decliners included Hartalega Holdings Bhd, Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, Supermax Corp Bhd, Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Stella Holdings Bhd and Euro Holdings Bhd.

Reuters said Asian shares advanced to record highs on Monday as successful coronavirus vaccine rollouts globally raise hopes of a rapid economic recovery amid new fiscal aid from Washington, while oil prices rose on heightened tensions in the Middle East.

MSCI's broadest index of Asia-Pacific shares outside Japan jumped 0.4% to 736.4, it said.

Hong Leong IB Research said technically, the bulls have the upper hand now to break the stiff downtrend line resistance near 1,602 following back-to-back weekly gains of 33 points to 1,599.4, as sentiment is boosted by the ongoing rally in crude oil and FCPO prices, and expectations of systematic and effective implementation of the National Covid-19 Immunisation Programme (effective early March) will encourage the re-opening of various economic sectors, restore consumer sentiment, as well as boost Malaysia’s economic growth and resilience.

“However, the upside is likely to remain capped by the 1,618-1,628 hurdles as the 4Q20 earnings season begins,” it said.