KUALA LUMPUR (Aug 16): The FBM KLCI reversed its earlier losses at mid-morning and advanced in line with regional markets.

At 10.01am, the FBM KLCI rose 6.22 points to 1,696.55.

The top gainers included Oriental Holdings Bhd, KESM Industries Bhd, British American Tobacco (M) Bhd, Keck Seng (Malaysia) Bhd, Nestle (M) Bhd, Selangor Properties Bhd, Petron Malaysia Refining & Marketing Bhd, Ann Joo Resources Bhd and PPB Group Bhd.

The actives included Bumi Armada  Bhd, SapuraKencana Petroleum Bhd, Sumatec Resources Bhd, Iris Corporation Bhd, Daya Materials Bhd and KNM Group Bhd.

The decliners included Hong Leong Financial Group Bhd, Petronas Dagangan Bhd, Fraser & Neave Holdings Bhd, Malaysia Airports Holdings Bhd, Top Glove Corp Bhd, Salutica Bhd and Kian Joo Can Factory Bhd.

Asian shares rose to one-year highs, extending their gains so far this year to almost 10 percent, helped by a jump in oil prices and investor expectations of continued easy monetary policy around the globe, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent, bringing its gains so far this year to 9.9 percent. Japan's Nikkei was almost flat, it said.

Hong Leong IB Research said it remains upbeat of the FBM KLCI testing 1700 psychological levels soon, in anticipation of more stimulus-driven measures by global key central banks and government, the return of higher yield seeking funds into emerging markets and rebound in the “Twin” crude oil and palm oil prices coupled with record highs in Wall St.

“However, index may witness some mild sideways consolidation above 1700 during this ongoing Aug reporting season, given the overbought daily slow stochastic indicator,” it said.