KUALA LUMPUR (May 17):  The FBM KLCI reversed its losses art mid-morning today as regional markets made a recovery from previous lows.

At 10am, the FBM KLCI rose 7.00 points to 1,628.21.

The gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Petronas Gas Bhd, Scientex Bhd, Petronas Chemicals Group Bhd, Panasonic Malaysia Manufacturing Bhd, Malaysian Pacific Industries Bhd, Malayan Banking Bhd and Public Bank Bhd.

The actively traded stocks included AirAsia X Bhd, Compugates Holdings Bhd, KLK International Holdings Bhd, AirAsia Bhd, Sanichi Technology Bhd and Sumatec Resources Bhd.

The top losers included Lingkaran Trans Kota Holdings Bhd, Apex
Healthcare Bhd, Axiata Group Bhd, Cahya Mata Sarawak Bhd, Heineken Malaysia Bhd and Lafarge Malaysia Bhd.

Asian shares recovered from two-month lows on Tuesday after a rebound in technology giant Apple Corp and oil price gains boosted Wall Street, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1 percent, extending the recovery from its two month low set on Friday. Japan's Nikkei gained about 1.0 percent, it said.

Hong Leong IB Research said it was still of the view that contrarians might start to nibble on weakness for market over reaction over the aftermath of MSCI rebalancing.

“Today, we expect local key index to stage a technical rebound as traders will brace for the overnight jump in crude oil prices and US stock markets amid bullish reversal Hammer candlestick pattern.

“However, any rebounds will be capped near 1,640 as traders will continue to stay cautious over continuous net selling from foreign institutions; higher likelihood of US interest rate hike which will diminish Ringgit against USD; as well as technical downtrend reading,” it said.