KUALA LUMPUR (May 22): The FBM KLCI pared some of its gains at mid-morning today as local investors’ attention turned toward domestic corporate earnings.

At 10.09am, the FBM KLCI was up 3.50 points to 1,771.78. The index had earlier risen to a high of 1,773.96.

The top gainers included Petronas Gas Bhd, Petronas Dagangan Bhd, ViTrox Corp Bhd, Hengyuan Refining Company Bhd, Choo Bee Metal Industries Bhd, Mudajaya Group Bhd, Ann Joo Resources Bhd, Tong Herr Resources Bhd, Suiwah Corporation Bhd and newly listed CabNet Holdings Bhd.

The actives included Key Alliance Group Bhd, AirAsia X Bhd, Frontken Corp Bhd, Dagang NeXchange Bhd, Nexgram Holdings Bhd, Borneo Oil Bhd, Hibiscus Petroleum Bhd and NetX Holdings Bhd.

The decliners included British American Tobacco (M) Bhd, Bintulu Port Holdings Bhd, Magnum Bhd, Genting Bhd, United Malacca Bhd, Carlsberg Brewery Malaysia Holdings Bhd, Enra Group Bhd and Scientex Bhd.

Asian stocks are set to edge higher on Monday following cautious gains on Wall Street, though the dollar is set to come under pressure as Washington's political turmoil undermines confidence in U.S. economic policy, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.42 percent on Monday helped by some gains in Korean and Japanese stocks, it said.

Hong Leong IB Research said that in the U.S. it expects the volatility would remain over the near term driven by the uncertain U.S. political event, while investors may start to position themselves and look forward on the FOMC meeting decision in June.

“The Dow’s likely to range between 20,500-21,000.

“While market sentiments has stabilised after a rebound last week, we opine that traders’ are likely to deploy sell-into-strength strategy as the FBM KLCI’s upside is likely to be capped around the 1,780 level amid a bearish divergence signal on MACD Indicator.

“Nevertheless, traders may focus on stocks that will be reporting results this week,” it said.