KUALA LUMPUR (April 19): The FBM KLCI pared some of its gains at the midday break today but remained up 0.47%, tracking regional markets.

At 12.30pm, the FBM KLCI rose 8.9 points to 1,888.22. The index had earlier risen to its intra-morning high of 1,890.54.

Gainers edged losers by 276 to 234, while 584 counters traded unchanged. Volume was 1.39 billion shares valued at RM1.06 billion.

The top gainers included Fraser & Neave Holdings Bhd, Petronas Dagangan Bhd, British American Tobacco (M) Bhd, Allianz Malaysia Bhd, KESM Industries Bhd, Nestle (M) Bhd, PMB Technology Bhd, Far East Holdings Bhd, PPB Group Bhd and Top Glove Corp Bhd.

The actives included Sapura Energy Bhd, Red Sena Bhd, Hibiscus Petroleum Bhd, UMW Oil & Gas Corp Bhd, Sumatec Resources Bhd, Nexgram Holdings Bhd, Globaltec Formation Bhd and SKH Consortium Bhd.

The decliners included Ajinomoto (M) Bhd, AirAsia Bhd, United Malacca Bhd, Scientex Bhd, Kim Hin Industry Bhd, Suria Capital Holdings Bhd and MMC Corp Bhd.

Resource stocks were on a roll in Asia on Thursday as oil prices hit heights not seen since late 2014 and ignited a rally across commodities, though the potential boost to inflation globally also put some pressure on fixed-income assets, according to Reuters.

Brent crude futures climbed another 29 US cents to stand at US$73.77 a barrel, adding to a 2.7% jump overnight. US crude gained 26 US cents to US$68.73, it said.

Affin Hwang Capital Research said that after taking a breather, the FBM KLCI is expected to take on immediate resistance and explore new high with a technical target range of 1,900-1,923.

"Sentiments in the local market are bullish backed by election year hypes, surge in crude oil prices, stronger ringgit and stabilising CPO (crude palm oil) price.

"Investors anticipated more bullish surprises in the market this year. Accumulate quality stocks on price weakness," it said.