KUALA LUMPUR (June 7): The FBM KLCI rose 0.39% at mid-morning today in line with the regional gains, lifted by select blue chips.

At 10am, the FBM KLCI rose 6.38 points to 1,655.37.

The gainers included British American Tobacco (M) Bhd, Petron Malaysia Refining & Marketing Bhd, Fraser & Neave Holdings Bhd, Petronas Chemicals Group Bhd, MISC Bhd, PPB Group Bhd, Petronas Gas Bhd and DRB-Hicom Bhd.

The actives included Tiger Synergy Bhd, Sumatec Resources Bhd, Bumi Armada Bhd, AirAsia X Bhd, Hiap Teck Venture Bhd, AirAsia Bhd and SapuraKencana Petroleum Bhd.

The decliners included Allianz Malaysia Bhd, Kuala Lumpur Kepong Bhd, Lafarge Malaysia Bhd, Kobay Technology Bhd, Lii Hen Industries Bhd, KESM Industries Bhd and Genting Bhd.

Asian shares hit a five-week high on Tuesday after Federal Reserve Chair Janet Yellen said US interest rate hikes are likely on the way, held back any reference to the timing, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5% while Japan's Nikkei average firmed 0.2%, it said.

Hong Leong IB Research said it expects the FBM KLCI to stage a follow-through technical rebound given strong overnight rally in Dow, appreciation in ringgit against US dollar, gain in Brent crude oil price and its bullish technical readings.

“Hence, we revise our weekly projected trading range to 1,635–1,665 territories.

“Having said that, market breadth was negative with losers outpacing gainers by 432 to 345 on Monday as 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 lacklustre local earnings result,” it said.