KUALA LUMPUR (Nov 24): The FBM KLCI pared some of its gains at the midday break today, as regional markets wobbled.

At 12.30pm, the FBM KLCI was up 8.69 points to 1,679.59. The index had earlier risen to its intra-morning high of 1,686.69.

The broader market sentiment was cautious with 502 gainers and 314 losers, while 326 counters traded unchanged. Volume was 1.52 billion shares, valued at RM1.05 billion.

The top gainers included Asia File Corporation Bhd, Tenaga Nasional Bhd, Muda Holdings Bdh, UPA Corporation Bhd, Daibochi Plastic & Packaging Industry Bhd, United Plantations Bhd, Kuala Lumpur Kepong Bhd and Panasonic Malaysia Manufacturing Bhd.

The actives included Instacom Group Bhd, RGB International Bhd, Inix Technologies Bhd, Genetec Technology Bhd, EA Holdings Bdh, Pesona Metro Holdings Bhd, JCY International Bhd and PUC Founder Bhd.

The decliners included Dutch Lady Milk Industries Bhd, Signature International Bhd, British American Tobacco (M) Bhd, Pos Malaysia Bhd, KESM Industries Bhd, Kossan Rubber Industries Bhd, Suiwah Corporation Bhd,Hartalega Holdings Bhd and Batu Kawan Bhd.

Asian shares struggled on Tuesday after a healthcare mega-merger failed to impress Wall Street, while the dollar took a breather from its run to 8-month highs on rising convictions that the Federal Reserve will raise interest rates next month, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan wavered in and out of positive territory, and was last down 0.2%, it said.

Hong Leong IB Research said the FBM KLCI was likely to trend higher today, as reading from all indicators and small hammer-like candlestick on Nov 16 suggested buying momentum is picking up pace.

“Moreover, Valuecap factor, year-end window dressing activities, more comfortable view on Fed’s potential liftoff in Dec and potential ECB’s stimulus in Dec are likely to provide near term rerating catalysts for KLCI.

“Resistance 1674-1700, whilst supports are situated at 1660-1642,” it said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)