KUALA LUMPUR (May 11): The FBM KLCI edged up marginally in early trade today but gains are seen capped.

At 9am, the FBM KLCI edged up 0.83 points to 1,636.67.

The early gainers included PPB Group Bhd, Genting Plantations Bhd, Malaysia Smelting Corp Bhd, UMW Holdings Bhd, Hong Leong Bank Bhd, Malaysia Airports Holdings Bhd, Hong Leong Financial Group Bhd, MISC Bhd and Sime Darby Bhd.

Asian stocks pulled away from eight-week lows on Wednesday, a day after solid corporate earnings sparked a rally in global equities while the yen struggled amid intervention warnings from Tokyo in the wake of the currency's rapid rise, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.4 percent in early trade, recovering from an eight-week low touched on Tuesday while Japan's Nikkei rose 1.0 percent, it said.

JF Apex Securities Research in a market preview today said US markets rallied over 1% overnight led by energy, material and industrial counters after oil prices gained.

It said that similarly, European stocks climbed after encouraging corporate earnings and higher commodity prices.

“On the local market, the FBM KLCI recovered from an intra-day low of 1614.40 points to close 3.65 points higher at 1635.84 points.

“Following the upbeat sentiment in the US and Europe, the FBM KLCI could stage a rebound with resistance at 1650 points.

“However, concern on another default of coupon payment for 1MDB’s US$1.75 billion bond, which is due on Thursday, could cap the gains,” it said.