KUALA LUMPUR (May 3): The FBM KLCI rose 0.32% at mid-morning today in tandem with the advance at most global markets and looked poised to march toward the psychologically crucial 1,800-point level.

At 10.01am, the FBM KLCI rose 5.81 points to 1,784.28.

The top gainers included Nestle (M) Bhd, Poly Glass Fibre (M) Bhd, Dutch Lady Milk Industries Bhd, Public Bank Bhd, Caring Pharmacy Group Bhd, Pos Malaysia Bhd, ViTrox Corp Bhd, Hong Leong Industries Bhd, MNRB Holdings Bhd, AMMB Holdings Bhd and CIMB Group Holdings Bhd.

The actives included Anzo Holdings Bhd, Dagang NeXchange Bhd, Hubline Bhd, AirAsia X Bhd, Trive Property Group Bhd, Frontken Corp Bhd and Key Alliance Group Bhd.

The decliners included Carlsberg Brewery Malaysia Bhd, C.I. Holdings Bhd, Petron Malaysia Refining & Marketing Bhd, Aeon Credit Service (M) Bhd, Westports Holdings Bhd, Bursa Malaysia Bhd and Yinson Holdings Bhd.

Asian stocks followed global indexes higher on Wednesday, as strong earnings and manufacturing data boosted risk appetite, while expectations that the Federal Reserve will signal a June rate increase later in the session lifted the US dollar, according to Reuters.

Oil prices pulled higher after a sharp fall on Tuesday on technical selling in a market already worried about oversupply and following a rise in output from several members of the Organization of Petroleum Exporting Countries, it said.

Hong Leong IB Research said that in the US, most traders are anticipating the Fed would keep the interest rates unchanged.

"However, the meeting may offer clue for a potential rate hike in June meeting and balance sheet unwinding later this year. Over the near term, we may expect the movements on the Dow would be driven mainly on earnings and employment data this Friday.

"With the positive trading environment from the overseas markets, we opine that the shares on Bursa Malaysia are likely to trend higher, while the FBM KLCI could hold above the 1,770 level.

"Also, stronger ringgit below the RM4.35 level could be the short-term positive for the market, which may be benefiting auto and aviation sectors," it said.