KUALA LUMPUR (Nov 24): The FBM KLCI rose in early trade today, powered by Tenaga Nasional Bhd and select blue chips.

At 9.01am, the FBM KLCI rose 7.70 points to 1,678.60.

The top gainers included Tenaga Nasional Bhd, Petronas Gas Bhd, Daibochi Plastic and Packaging Industry Bhd, KLCC Property Holdings Bhd, C.I Holdings Bhd and Karex Bhd.

Asian shares dragged their feet on Tuesday after a healthcare mega-merger failed to impress investors while the dollar held firm near an eight-month high as investors grew more convinced of a U.S. rate hike next month, aaccording to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat while Japan's Nikkei dipped 0.1 percent after a long weekend, it said.

Hong Leong IB Research said the FBM KLCI was likely to trend higher today as reading from all indicators and small hammer-like candlestick on 16 Nov suggested that buying momentum is picking up pace.

“Moreover, Valuecap factor, year-end window dressing activities, more comfortable view on Fed’s potential liftoff in Dec and potential ECB’s stimulus in Dec are likely to provide near term rerating catalysts for KLCI.

“Resistance 1674-1700 whilst supports are situated at 1660-1642,” it said.