KLCI reverses losses, gains seen capped

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KUALA LUMPUR (Feb 17): The FBM KLCI reversed its earlier loss and clawed back into positive territory at mid-morning today, but gains are seen capped.

At 10am, the FBM KLCI was up 0.17 points at 1,665.16. It had earlier dipped to a low of 1,658.28.

The top gainers included British American Tobacco (M) Bhd, Amway (M) Holdings Bhd, Malaysian Pacific Industries Bhd, Karex Bhd, Kobay Bhd, KESM Industries Bhd, Top Glove Corporation Bhd and Kossan Rubber Industries Bhd.

The actives included Compugates Holdings Bhd, Hubline Bhd, Pesona Metro Holdings Bhd, IFCA MSC Bhd, UEM Sunrise Bhd and SapuraKencana Petroleum Bhd.

The top losers included Lafarge Malaysia Bhd, Petronas Chemicals Group Bhd, Alliance Financial Group Bhd, SapuraKencana, Sime Darby Bhd and Hume Industries Bhd.

Asian shares were taking a breather on Wednesday, looking to consolidate two sessions of solid gains as risk appetites finally showed some resilience to the latest sell-off in oil prices, according to Reuters.

A welcome break from weeks of turbulence saw the safe havens such as the yen and sovereign bonds ease just a little, though investors face a test later in the day when the Federal Reserve releases minutes of its last policy meeting, it said.

Hong Leong IB Research said that today Bursa Malaysia is expected to stage another follow-through rebound amid rallies in overnight US and European markets coupled with stabilising Shanghai Composite Index.

However, it may face strong resistances at 1,674-1,689 zones.