KUALA LUMPUR (Aug 21): The FBM KLCI reversed its earlier loss in line with the regional bounce, as Top Glove Corp Bhd and Petronas Gas Bhd lifted the local index.

At 12.30pm, the FBM KLCI gained 1.78 points to 1,577.16. The index had earlier slipped to a low of 1,568.98.

Gainers led losers by 477 to 271, while 622 counters traded unchanged. Trading volume was 4.48 billion shares valued at RM2.74 billion.

The gainers included Dutch Lady Milk Industries Bhd, Top Glove Corp Bhd, Petronas Gas Bhd, Batu Kawan Bhd, UWC Bhd, Supermax Corp Bhd, Nestle (M) Bhd and Mega First Corp Bhd.

The actively traded stocks included XOX Bhd, DGB Asia Bhd, AT Systematization Bhd, Systech Bhd, iStone Group Bhd, Fintec Global Bhd, Lambo Group Bhd and Sapura Energy Bhd.

The decliners included Kossan Rubber Industries Bhd, Fraser & Neave Holdings Bhd, Genting Bhd, Public Bank Bhd, Aeon Credit Service (M) Bhd, Pharmaniaga Bhd, Petronas Chemicals Group Bhd and Guan Chong Bhd.

Reuters said Asia's stock markets bounced on Friday following Wall Street's lead but were set for their softest week in about a month as investors grapple with tepid economic data and lofty valuations after a huge rally that has wiped out coronavirus losses.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6% on Friday, though it is poised to snap a four-week winning streak with a small weekly loss, it said.

Hong Leong IB Research said it expects the KLCI to remain under pressure today amid downbeat sentiment on RHB Bank Bhd, Malayan Banking Bhd, Genting Bhd and Genting Malaysia Bhd (GenM) following the news that cruise ship operator Genting Hong Kong Ltd (adding that neither Genting nor GenM owns a direct stake in Genting HK) had suspended all payments to creditors.