KUALA LUMPUR (Dec 23): The FBM KLCI remained in positive territory at the midday break on Tuesday while regional markets mostly paused for a breather after the global rally last week and Monday.

At 12.30pm, the FBM KLCI was up 6.46 points to 1,750.51. The index had earlier risen to its intra-morning high of 1,752.81.

But the broader market sentiment had turned bearish with decliners outpacing gainers by 463 to 221, while 241 counters traded unchanged. Volume was 918.06 million shares valued at RM773.01 million.

The top gainers in the morning session included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Aeon Credit Services (M) Bhd, Dutch Lady Milk Industries Bhd, Public Bank Bhd, LPI Capital Bhd, United Plantations Bhd, Berjaya Auto Bhd and Malayan Banking Bhd.

The actively traded counters included Icon Offshore Bhd, Minetech Resources Bhd, Hubline Bhd, Boustead Holdings Bhd, Sumatec Resources Bhd, IFCA MSC Bhd and Perisai Petroleum Teknologi Bhd.

The decliners included Hong Leong Financial Group Bhd, Tasek Corporation Bhd, Sarawak Oil Palms Bhd, Coastal Contracts Bhd, Apollo Food Holdings Bhd, Press Metal Bhd and Cahya Mata Sarawak Bhd.

A holiday lull settled over Asian markets on Tuesday after Wall Street closed at historic highs while oil prices suffered a stinging setback after Saudi Arabia quashed all thoughts of curbing supply, according to Reuters.

A revival in risk appetite undermined the safe haven yen and kept the U.S. dollar elevated across the board, while sovereign bonds were content to sit on recent gains, it said.

BIMB Securities Research said that in Asia, stocks were mostly firmer on Monday due to some bargain hunting activities.

Locally, it said the FBM KLCI jumped 28.06 points to 1,774.05 as accumulation by local institutions continued.

“Interestingly, there was a net inflow of RM37.1 million from foreign funds yesterday on the local bourse following days of net outflows.

“We expect the upward momentum to continue for the FBM KLCI today with the immediate resistance at 1,780 and the 1,800 levels,” it said.