KUALA LUMPUR (March 17): The FBM KLCI pared some of its gains, but was up 0.65% and stayed above the 1,700-point level at the midday break today.

At 12.30pm, the FBM KLCI was up 11.08 points to 1,704.51. The index had earlier risen to its intra-morning high of 1,708.62.

Gainers led losers by 396 to 282, while 321 counters traded unchanged. Volume was 962.89 million shares, valued at RM1.02 billion.

The top gainers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Scientex Bhd, Kuala Lumpur Kepong Bhd, Panasonic Malaysia Manufacturing Bhd, Batu Kawan Bhd, Ta Ann Holdings Bhd, Petronas Gas Bhd, CIMB Group Holdings Bhd, TAHPS Group Bhd, MISC Bhd and Genting Malaysia Bhd.

The actives incuded Inix Technologies Bhd, APFT Bhd, EKA Noodles Bhd, Chin Hin Group Bhd, Vivocom International Holdings Bhd, Ranhill Holdings Bhd and CIMB.

The losers included Hap Seng Consolidated Bhd, Huat Lai Resources Bhd, Ajinomoto Malaysia Bhd, Globetronics Technology Bhd, Lingkaran Trans Kota Holdings Bhd, Syarikat Takaful Malaysia Bhd, Power Root Bhd and Allianz Malaysia Bhd.

Asian shares gained across the board on Thursday and the dollar was on the defensive after suffering substantial losses, as risk appetite revived after the U.S. Federal Reserve reduced the number of interest rate hikes expected this year,according to Reuters.

The potential for more money to continue flowing into commodities and equities, rather being lured by higher U.S. interest rates, boosted crude oil and emerging market stocks, it said.

BIMB Securities Research said in Asia, stocks finished mixed as investors awaited the outcome of the Fed's meeting.

It said back home, the FBM KLCI ended slightly higher, increasing 2.51 points or 0.15% to 1,693.43.

“Trading participation shows net selling by local institutions, while foreign institutions and local retail were net buyers.

“We reckon the local market to trade sideways today, following the Wall Street overnight and expect the index to hover around 1,690-1,695,” it said.