KUALA LUMPUR (March 17): The FBM KLCI climbed above the 1,700-point level at mid-morning today as regional positive sentiment lifted the local bourse.

At 10am, the FBM KLCI jumped 14.30 points to 1,707.73.

The top gainers included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, Hong Leong Financial Group Bhd, Scientex Bhd, MISC Bhd, CIMB Group Holdings Bhd, Petronas Dagangan Bhd, JMR Conglomeration Bhd, Top Glove Corporation Bhd and Malayan Banking Bhd.

The actives included Inix Tecnologies Bhd, EKA Noodles Bhd, Vivocom International Holdings Bhd, Ranhill Holdings Bhd, APFT Bhd and Chin Hin Group Bhd.

The losers included Hap Seng Consolidated Bhd, Panasonic Malaysia Manufacturing Bhd,  Kim Loong Resources Bhd, Hartalega Holdings Bhd, Kossan Rubber Industries Bhd and Puncak Niaga Holdings Bhd.

Asian shares gained early on Thursday and the dollar was on the defensive after suffering substantial losses following the U.S. Federal Reserve's move to reduce the number of interest rate hikes planned for this year, according to Reuters.

The potential for more money to continue flowing into commodities and equities, rather being lured by higher U.S. interest rates, boosted crude oil and emerging market stocks, it said.

Hong Leong IB Research said that yoday, the FBM KLCI is expected to retest the 1700 psychological barrier amid overnight gains in Dow and a strong rebound in oil prices coupled with expectations of a strengthening Ringgit as the USD index faltered on dovish Fed.

“Key resistances are 1727-1740 while supports fall on 1660-1681,” it said.