KUALA LUMPUR (Dec 19): The FBM KLCI rose 0.9% in tandem with the rally at most regional markets, on teh back of the strong overnight surge at Wall Street.

At 12.30pm, the FBM KLCI rose 15.53 points to 1,715.48.

The top gainers included British American Tobacco (M) Bhd, Malaysia Airporst Holdings Bhd, Kuala Lumpur Kepong Bhd, Malayan Banking Bhd, Genting Plantations Bhd, Cahya Mata Sarawak Bhd, Public Bank Bhd, Dutch Lady Milk Industries Bhd and Genting Bhd.

Minetech Resources Bhd was the most actively traded counter with 86.11 million shares done. The stock rose 11.11% or one sen to 10 sen.

The other actives included Sumatec Resources Bhd, Perisai Petroleum Teknologi Bhd, Boustead Holdings Bhd, KNM Group Bhd and Bumi Armada Bhd.

The decliners included Asia File Corporation Bhd, Hong Leong Financial Group Bhd, United Plantations Bhd. P.I.E. Industrial Bhd and BIMB Holdings Bhd.

Regionally, Asian shares enjoyed their best day in 15 months on Friday, after Wall Street boasted its biggest two-day advance since late 2011 amid relief the Federal Reserve was in no rush to withdraw stimulus from the U.S. economy, accorfding to Reuters.

The gains came even as oil stayed under pressure, suggesting equity investors were beginning to see the positives in lower fuel costs and increased consumer spending power, it said.

AffinHwang Capital Research said as per its earlier anticipation, one of the two Gaps which appeared in the FBM KLCI daily chart recently closed yesterday after the index surged 18.05 points or 1.1% to settle at 1699.95.

The research house said another Gap, 1,715-1,732, was yet to be closed thus hinting the upside of current rebound. 

“Short term outlook has turned positive as market conditions and sentiments improved.

“Ringgit strengthening further to RM3.4660 from RM3.4722 against US dolar  yesterday, crude oil prices stabilising between US$50-60 per barrel, global market rally during overnight session will certainly boost sentiments and mood for today’s trading session.

“Stock markets in Europe, U.S and Mexico surged above 2%-3% in overnight session. 

“Potential stocks to be in focus: Index link and stocks with high dividend yield. Risk: Downward trend still intact, both for short and medium term, and no reversal signal appear yet, thus downward bias remains,” it said.