KUALA LUMPUR (Aug 13): The FBM KLCI rose at mid-morning as a relief rally lifted the local index in line with the recovery at most regional markets.

At 10am, the FBM KLCI rose 7.34 points to 1,617.27.

The top gainers included Scientex Bhd, PPB Group Bhd, Chin Teck Plantations Bhd, AMMB Holdings Bhd, Top Glove Corporation Bhd, Quality Concrete Bhd, Inari Amertron Bhd, Latitude Tree Holdings Bhd, Genting Bhd, Sarawak Oil Palms Bhd and Heong Leong Bank Bhd.

The actively traded stocks included Frontken Corporation Bhd, The Media Shoppe Bhd, Sumatec Resources Bhd, IFCA MSC Bhd, Xinghe Holdings Bhd, Tiger Synergy Bhd, Ikhmas Jaya Group Bhd, AirAsia Bhd and AirAsia X Bhd.

The top losers included Pharmaniaga Holdings Bhd, Guinness Anchor Bhd, TAHPS Group Bhd, Lafarge Malaysia Bhd, Genting Plantations Bhd, Dutch Lady Milk Industries Bhd, Fraser & Neave Holdings Bhd and UMW Holdings Bhd.

Asian shares and the dollar crept higher in early trade on Thursday, with investors cautiously watching China's next move after it allowed the yuan to decline for two straight sessions, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%, taking heart from a late recovery on Wall Street that saw two out of three main indexes end in positive territory, it said.

Hong Leong IB Research said that after sliding 115.6 points in five consecutive days, KLCI may stage a relief rally soon.

“Oversold relief rally targets are 1,632 (3 Apr 2013 low), 1,660 (28 Aug 13 low) and 1,672 (17 Dec 14 low).

“We expect formidable resistance at 1,672–1,700, given nagging domestic issues and external risks (ie tapering global growth, prospects of rising Fed rates and bearish commodities prices) which are unlikely to be resolved in the near term,” it said.