KUALA LUMPUR (July 25): The FBM KLCI pared some of its gains at the midday break today, as sentiment is seen volatile over the continuing 1Malaysia Development Bhd saga, with the developments last week in the U.S.

At 12.30 p.m., the FBM KLCI was up 2.89 points to 1,660.31. The index had earlier risen to its intra-morning high of 1,666.33.

Gainers and losers were tied at 317 each, while 330 counters traded unchanged. Volume was 790.48 million shares, valued at RM517.96 million.

The gainers included Heineken Malaysia Bhd, PPB Group Bhd, Petronas Gas Bhd, Hong Leong Bank Bhd, Sarawak Plantations Bhd, IHH Healthcare Bhd, Felda Global Ventures Holdings Bhd (FGV), Kobay Bhd, Public Bank Bhd and Cahya Mata Sarawak Bhd.

The actives included TH Heavy Engineering Bhd, China Automobile Parts Holdings Bhd, V.S. Industry Bhd, AirAsia X Bhd and KNM Group Bhd.

The top losers included Ajiya Bhd, United Plantations Bhd, Atlan Holdings Bhd, Hong Leong Industries Bhd, KESM Industries Bhd, Batu Kawan Bhd and LPI Capital Bhd.

Asian shares held near nine-month highs on Monday, as worries over the impact of Britain's Brexit vote eased, while the dollar was buoyed by a run of solid U.S. economic data, according to Reuters.

Policymakers from the Group of 20 countries agreed to work on supporting global growth, as well as to better share the benefits of trade, during a weekend meeting dominated by the impact of Britain's exit from Europe and fears of rising protectionism, it said.

Kenanga IB Research said the local bourse experienced volatile trade whole last week, as investors reacted to the weakening of the ringgit, declining crude oil prices, as well as U.S. authorities’ probe over the 1MDB saga.

It said on the daily chart, the benchmark index has been consolidating on the back of waning key momentum indicators, and had broken down from the key 1,662 support trend lines.

“The underlying index is looking to reverse further from its +2SD downtrend regression and likely trend towards the mean regression in the near-term.

“Should the key index fail to swiftly recapture the key 1,662 level soon, the FBM KLCI would likely be on course for further downside-bias consolidation this week.

“Key resistance are tied at 1,662 (R1) and 1,670 (R2), while supports are located at 1,643 (S1) and 1,620 (S2) further down,” it said.