KUALA LUMPUR (July 13): The FBM KLCI defended its gains at mid-morning today in line with the uptrend at most regional markets, lifted by select blue chips.

At 10.04am, the FBM KLCI was up 2.33 points to 1,759.57.

The top gainers included Nestle (M) Bhd, Ajinomoto (M) Bhd, ViTrox Corp Bhd, British American Tobacco (M) Bhd, Malaysian Pacific Industries Bhd, Malaysia Airports Holdings Bhd, Hong Leong Financial Group Bhd, Petronas Dagangan Bhd, Pentamaster Corp Bhd, Petron Malaysia Refining & Marketing Bhd and Genting Bhd.

The actives included Frontken Corportation Bhd, PUC Founder MSC Bhd, Pasukhas Group Bhd, Careplus Group Bhd, ManagePay Systems Bhd and UMW Oil & Gas Corp Bhd.

The losers included Axiata Group Bhd, KESM Industries Bhd, Lotte Chemical Titan Holding Bhd, BIMB Holdings Bhd, Heineken Malaysia Bhd and Astro Malaysia Holdings Bhd.

Asian shares scaled a two-year top on Thursday, as investors wagered policy tightening in the United States would be glacial at best, lifting Wall Street to record peaks and lowering bond yields almost everywhere, according to Reuters.

The star performer was the Canadian dollar, which rocketed to 11-month highs after the country's central bank hiked rates for the first time in seven years and left the door wide open to further moves, Reuters said.

JF Apex Securities Research in a market preview today said US markets rallied overnight, with the Dow jumping to a record high after Federal Reserve Chair Janet Yellen's dovish remarks that the Fed will start reducing its US$4.5 trillion balance sheet and any interest rate hike will be gradual.

It said European stocks had earlier soared on Yellen's statement and higher oil price.

“On the local market, the FBM KLCI gained 2.21 points to 1757.24 points.

“Following the bullish performance in the US and Europe, the FBM KLCI could extend its rebound off the support level of 1755 points,” the research house said.