KUALA LUMPUR (March 27): The FBM KLCI pared some of its gains at midday break today, but was up 0.24% against the backdrop of a rally at the regional markets.

At 12.30pm, the FBM KLCI rose 4.52 points to 1,864.43. The index had earlier risen to its intra-morning high of 1,867.11.

Gainers led losers by 336 to 246, while 525 counters traded unchanged. Volume was 1.14 billion shares, valued at RM734.14 million.

The top gainers included Nestle (M) Bhd, Panasonic Manufacturing Malaysia Bhd, Padini Holdings Bhd, Top Glove Corp Bhd, Kossan Rubber Industries Bhd, Uchi Technologies Bhd, KESM Industries Bhd, Wang-Zheng Bhd, Bursa Malaysia Bhd, Lotte Chemical Titan Holdings Bhd and Hartalega Holdings Bhd.

The actives included Sapura Energy Bhd, SKN Consortium Bhd, Media Chinese International Bhd, GDB Holdings Bhd, Sino Hua-An International Bhd, Tiger Synergy Bhd, AirAsia X and DGB Asia Bhd.

The decliners included British American Tobacco (M) Bhd, Ajinomoto (M) Bhd, Fraser & Neave Holdings Bhd, Hengyuan Refining Company Bhd, Scientec Bhd, Dutch Lady Milk Industries Bhd, Tasek Corporation Bhd and Hong Leong Bank Bhd.

Asian share markets rose sharply on Tuesday, as reports of behind-the-scenes talks between the United States and China rekindled hopes a damaging trade war could be averted, in turn sapping the strength of the dollar and yen, according to Reuters.

Taking their cue from a surge on Wall Street, Japan's Nikkei climbed 1.7% and China blue chips added 1.2%, Reuters said.

MSCI's broadest index of Asia-Pacific shares outside Japan rose almost 1%. South Korea's KOSPI climbed 0.7%, adding to gains made after the U.S. exempted the country's steel from import tariffs, said Reuters.

CIMB Retail Research said the local bourse closed lower yesterday, in line with the decline on Wall Street.

It said the FBM KLCI index is still consolidating in a triangle formation.

“Thus, the directionless move is likely to persist in the near term. As of today, the key index may gain traction from the overnight Wall Street bounce, as fears of the trade war between US and China abated.

“Meanwhile, the lower liners may see some light today, following the recent plunge.

“Both FBM Small Cap and ACE indices may be due for a strong rebound, after they formed bullish hammer candles in the oversold territory. Resistance: 1,880 & 1,896 Supports: 1,850 & 1,839,” the research house said.