KUALA LUMPUR (Jan 12): The FBM KLCI rose 0.58% at mid-morning today, lifted by Petronas-linked stocks.

At 10am, the FBM KLCI rose 9.53 points to 1,647.12.

The top gainers included Shell Refining Company (Federation of Malaya) Bhd, British American Tobacco (M) Bhd, Lay Hong Bhd, Petronas Chemicals Group Bhd, Petronas Gas Bhd, MSM Malaysia Holdings Bhd and Top Glove Corporation Bhd.

The actives included Tiger Synergy Bhd, Kim Teck Cheong Consolidated Bhd, Genetec Technology Bhd and AWC Bhd.

The losers included Bintulu Port Holdings Bdh, Kuala Lumpur Kepong Bhd, Hong Leong Financial Group Bhd, Nestle (M) Bhd, Sarawak Plantations Bhd and Ipmuda Bhd.

Asian shares hovered near four-year lows and oil prices languished at near 12-year lows on Tuesday as investors fretted over whether Beijing may be losing control of the economy, Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent in early trade but still stood near a four-year low touched on Monday, and was still down more than 8 percent since the start of 2016, it said.

Hong Leong IB Research said the FBM KLCI’s near term outlook is likely to remain choppy amid unresolved internal and external headwinds.

“Nevertheless, we believe severe downside risks are well-shielded by the reintroduction of Valuecap funds, potential further monetary easing from PBOC, positive ongoing progresses of 1MDB restructuring, resiliency in Malaysia’s economic fundamentals.

“Moreover, the undervalued ringgit could provide another good basis of return of foreign exposures on the Malaysian equities.

“Weekly supports are 1600-1622 while resistances are 1650-1674 zones,” it said.