KUALA LUMPUR  (May 26): The FBM KLCI edged up cautiously at mid-morning today, lifted by select blue chips.

At 10am, the FBM KLCI rose 3.14 points to 1,634.10.

The top gainers included Dutch Lady Milk Industries Bhd, Fraser & Neave Holdings Bhd, Kuala Lumpur Kepong Bhd, Hong Leong Financial Group Bhd, Ajiya Bhd, Malaysia Airports Holdings Bhd, RHB Capital Bhd, Petronas Chemicals Group Bhd, KLCC Property Holdings Bhd, Petronas Dagangan Bhd and LPI Capital Bhd.

The actively traded stocks included KNM Group Bhd, Vivocom International Holdings Bhd, AirAsia X Bhd, Green Packet Bhd, O & C Resources Bhd and Lion Industries Bhd. ‘

The losers included Kossan Rubber Industries Bhd, Panasonic Malaysia Manufacturing Bhd, Lafarge Malaysia Bhd, Perak Corporation Bhd, Public Bank Bhd, Ajinomoto (Malaysia) Bhd and Inari Amertron Bhd.

Asian shares look set to extend their recovery from 12-week lows on Thursday after renewed optimism on European banks' prospects and a rise in oil prices to near $50 a barrel helped lift global shares, according to Reuters.

Australian share futures rose 0.6 percent overnight, while U.S.-traded Nikkei futures point to a gain of 1.0 percent in Japanese shares, it said.

Hong Leong IB Research said that today, the FBM KLCI is expected to test the resistance level of 1637, given its improving technical oscillators and overnight gains in Dow and crude oil prices.

“However, any rebound might be capped near 1640 – 1650 territories as the ongoing results reporting season has, thus far, leaned towards disappointing tone.

“Traders are likely to stay cautious over the weakening Ringgit against US Dollar on anticipation of higher likelihood of US interest rate hike in June, local earnings result jitters, some uncertainty surrounding the looming BREXIT as well as 1MDB saga,” it said.