KUALA LUMPUR (March 8): The FBM KLCI opened higher today in line with the regional uptrend but gains are seen capped on possible profit taking.

At 9.01am, the FBM KLCI gained 1.49 points to 1,699.42.

The top gainers included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Chin Hin Group Bhd, Hong Leong Bank Bhd, Carlsberg Brewery (M) Holdings Bhd, PPB Group Bhd, Scientex Bhd, Petronas Gas Bhd, Public Bank Bhd and Sime Darby Bhd.

Asian shares inched higher on Tuesday after global oil prices soared to three-month highs on growing hopes of more coordinated measures from oil-producing countries to stem tumbling prices, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 percent in early trade while Japan's Nikkei bucked the trend and dipped 0.3 percent, it said.

JF Apex Securities Research in a market preview today said US markets were mixed amid gains in energy stocks following higher oil prices and losses in tech counters.

It said that earlier, European stocks closed lower as investors await any potential stimulus from the European Central Bank's meeting this Thursday.

“On the local bourse, the FBM KLCI closed 5.44 points higher at 1697.93 points after retreating from an intra-day high of 1710.20 points.

“Following the mixed performance in the US and Europe, the FBM KLCI is expected to trend sideways with a positive bias after oil prices hit US$40/barrel,” it said.