KUALA LUMPUR (Dec 16): The FBM KLCI pared some of its gains at mid-morning but stayed above the 1,630-point level in line with the advance at most regional markets.
At 10am, the FBM KLCI was up 0.098 points at 1,631.93. The index had earlier risen to a high of 1,638.37.
The top gainers included Aeon Credit Services (M) Bhd, Petronas Gas Bhd, Top Glove Corporation Bhd, Kuala Lumpur Kepong Bhd, Berjaya Food Bhd, Genting Bhd, Malayan Banking Bhd, Petronas Chemicals Group Bhd, Inari Ametron Bhd and Sime Darby Bhd.
The actively traded stocks included China Automobile Parts Holdings Bhd, The Media Shoppe Bhd, EA Holdings Bhd, V.S. Industry Bhd, SYF Resources Bhd and Datasonic Group Bhd.
The top losers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Hong Leong Bank Bhd, Subur Tiasa Holdings Bhd and Syarikat Takaful Malaysia Bhd.
Asian stocks gained early on Wednesday, with sentiment lifting as Wall Street rose before a likely hike in US interest rates, while the dollar held to large gains made as Treasury yields picked up, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7%, it said.
Hong Leong IB Research said that amid the bearish sentiment (weak ringgit and crude oil prices) ahead of the Federal Open Market Committee meeting on Dec 16, the FBM KLCI may drop further to test the 50% FR level at 1,615.
"However, the selling pressure is likely to abate as oscillators are moving into oversold zone. Hence, we are of the view that trading/buying opportunities are around the corner.
"Supports are 1,615, 1,600 and 1,588 areas while key resistances are 1,630, 1,640 and 1,653," 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.)