KUALA LUMPUR (Aug 13): The FBM KLCI staged a relief rally and rebounded 0.99% at the midday break today, in line with the gains at most regional markets.

At 12.30pm, the FBM KLCI rose 16.19 points to 1,626.12.

Gainers led losers by 556 to 229, while 255 counters traded unchanged. Volume was 1.07 billion shares valued at RM977.99 million.

The top gainers included Nestle (M) Bhd, Top Glove Corporation Bhd, SAM Engineering & Equipment Bhd, Kossan Rubber Industries Bhd, Inari Amertron Bhd, Time Dotcom Bhd, CIMB Group Holdings Bhd, V.S. Industry Bhd, Hartalega Holdings Bhd, Vitrox Corporation Bhd and Karex Bhd.

The actives included Frontken Corporation Bhd, iDimension Consolidated Bhd, Sumatec Resources Bhd, IFCA MSC Bhd, Ikhmas Jaya Group Bhd, The Media Shoppe Bhd and APFT Bhd.

The top losers included BLD Plantation Bhd, Pharmaniaga Holdings Bhd, Guinness Anchor Bhd, Kuala Lumpur Kepong Bhd, Fraser & Neave Holdings Bhd, Tasco Bhd and Batu Kawan Bhd.

Asian shares extended early gains on Thursday, taking heart from a late recovery on Wall Street and from efforts by China's central bank to slow the sharp descent of the yuan, Reuters.

Losses for the currency early Thursday were slight after the central bank set a midpoint that was again lower than the previous day's, but not as weak as some feared, 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 (Apr 3, 2013 low), 1,660 (Aug 28, 2013 low) and 1,672 (Dec 17, 2014 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.