KUALA LUMPUR (June 9): The FBM KLCI reversed its earlier losses and edged marginally higher at mid-morning today.

At 10am, the FBM KLCI edged up 0.79 points to 1,658.64.

The gainers included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, SAM Engineering & Equipment Bhd, Hong Leong Financial Group Bhd, KLCC Property Holdings Bhd, UMW Holdings Bhd, KESM Industries Bhd, Aeon Credit Services (M) Bhd, Panasonic Malaysia Manufacturing Bhd, Hong Leong Industries Bhd and Nestle (M) Bhd.

The actives included Vsolar Group Bhd, Bumi Armada Bhd, Vivocom International Holdings Bhd, Sumatec Resources Bhd, AirAsia Bhd, AirAsia X Bhd and KNM Group Bhd.

The decliners included P.I.E. Industries Bhd, BIMB Holdings Bhd, Kuala Lumpur Kepong Bhd, QL Resources Bhd, Supermax Corporation Bhd, Versatile Creative Bhd, LiI Hen Industries Bhd and Bursa Malaysia Bhd.

Asian stocks edged up on Thursday after Wall Street gained overnight, while a weaker dollar buoyed commodities such as gold and crude oil, according to Reuters.

The New Zealand dollar took centre stage in early Asian trade, soaring to a one-year high as kiwi bulls were relieved after the nation's central bank kept interest rates steady as expected even as some in the market had wagered on a cut, it said.

Hong Leong IB Research said the local benchmark key index is expected to test critical resistance level of 1665 today, given overnight follow-through rebounds in Dow; appreciation in Ringgit against USD; higher Brent crude oil price; and its bullish technical readings.

It said a decisive breach above 1665 will drive key index higher towards 1670 – 1680 zones.

“Having said that, overall sentiment remains cautious ahead of FOMC meeting on 14-15 this month; uncertainty surrounding the looming BREXIT; as well as higher expectation of lower market consensus for the FBM KLCI year-end target due to lackluster local earnings result,” it said.