KUALA LUMPUR (Dec 17): The FBM KLCI rose 0.87% at the midday break as index-linked plantation stocks and other select blue chips lifted the index in line with the regional uptrend.

At 12.30pm, the FBM KLCI rose 14.29 points to 1,648.42.

Gainers outpaced losers by 469 to 259, while 313 counters traded unchanged. Volume was 1.10 billion shares valued at RM1.09 billion.

The major gainers included Top Glove Corporation Bhd, Kuala Lumpur Kepong Bhd, Lafarge Malaysia Bhd, PPB Group Bhd, Genting Plantations Bhd, British American Tobacco (M) Bhd, Apollo Food Holdings Bhd, Kawan Food Bhd, Malaysian Pacific Industries Bhd, Can-One Bhd, MISC Bhd and UMW Holdings Bhd.

The actives included XOX Bhd, China Automobile Parts Holdings Bhd, APFT Bhd, 1 Utopia Bhd, Instacom Group Bhd and Comfort Gloves Bhd.

The decliners included Panasonic Malaysia Manufacturing Bhd, Ajinomoto (Malaysia) Bhd, Power Root Bhd, Dutch Lady Milk Industries Bhd, Petronas Dagangan Bhd, Pharmaniaga Holdings Bhd and Yinson Holdings Bhd.

Asian stock markets jumped on Thursday as investors chose to take the historic hike in US interest rates as a mark of confidence in the world's largest economy, lifting the dollar and piling on the pain for oil prices.

China also allowed its currency to slip for the 10th straight session to hit its lowest since June 2011. The steady decline in turn puts pressure on other Asian currencies to depreciate to stay competitive.

AffinHwang IB Research said the local market is anticipated to drift sideways within a tight range.

The research house said global equity market sentiments are influenced by speculation in the Federal Reserve's rate hike, falling commodities prices and the slowdown of China's economy.

"Technically, market breadth gradually turns negative and slightly bearish for the short term.

"FBM KLCI hits oversold level, downward pressure limited to 1,615–1,595. Opportunity to accumulate stocks prevails," it said.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)