KUALA LUMPUR (March 4): The FBM KLCI reversed its earlier losses and clawed back toward the 1,700 level at mid-morning today.

At 10.01am, the FBM KLCI rose 6.26 points to 1,694.46.

The top gainers included Panasonic Malaysia Manufacturing Bhd, Public Bank Bhd, Carlsberg Brewery (M) Holdings Bhd, Hong Leong Bank Bhd, Scientex Bhd, RHB Capital Bhd, Hong Leong Financial Group Bhd and MISC Bhd.

The top actives included AirAsia X Bhd, Minetech Resources Bhd, AirAsia Bhd, Compugates Holdings Bhd, Berjaya Corporation Bhd, EKA Noodles and Iris Corporation Bhd.

The decliners included Petronas Dagangan Bhd, Naim Holdings Bhd, KPJ Healthcare Bhd, Berjaya Sports Toto Bhd, Fima Corporation Bhd, Cahya Mata Sarawak Bhd and MBM Resources Bhd.

Asian shares look set to post a third straight weeks of gains on Friday as investors scaled back cautious bets on the global economy after a string of positive U.S. economic data and a recovery in oil and commodity prices, according to Reuters.

The rebound in risk asset prices could continue if the upcoming U.S. employment report points to solid job gains, but not strong enough to encourage rate rises in the near term, it said.

Hong Leong IB Research said that in the near term, the FBM KLCI is poised to stage a triangle breakout to revisit the 1,700 and 1,706 (Dec 30) upside targets, following a strong breakout above 200-d SMA on March 2.

“Key supports now are 1,652-1,678 levels,” it said.