KUALA LUMPUR (May 22): The FBM KLCI notched up limited gains at the midday break today despite the firm showing at most regional markets.

At 12.30pm, the 3-stock index added 2.44 points to 1,770.72. The index had earlier risen to its intra-morning high of 1,773.96.

Gainers led losers by 502 to 382, while 352 counters traded unchanged. Volume was 2.38 billion shares valued at RM1.33 billion.

The top gainers included Choo Bee Metal Industries Bhd, SP Setia Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, ViTrox Corp Bhd, Hengyuan Refining Company Bhd, Dutch Lady Milk Industries Bhd, Globetronics Technology Bhd, Suiwah Corp Bhd and OldTown Bhd.

The actives included Key Alliance Group Bhd, AirAsia X Bhd, NetX Holdings Bhd, Luster Industries Bhd, Frontken Corporation Bhd, Dagang NeXchange Bhd, Hibiscus Petroleum Bhd and Iris Corporation Bhd.

The top losers included British American Tobacco (M) Bhd, Nestle (M) Bhd, Ajinomoto (M) Bhd, Bintulu Port Holdings Bhd, Panasonic Malaysia Manufacturing Bhd, Time Dotcom Bhd, Magnum Bhd, Genting Bhd and Enra Group Bhd.

Asian stocks posted their biggest daily rise in a month on Monday following modest gains in U.S. shares, though the greenback came under renewed 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 0.9 percent on Monday helped by gains in Australia and Hong Kong stocks despite fresh curbs unveiled by regulators on the property markets in the latter, it said.

Kenanga IB Research said that last Friday, the FBM KLCI saw itself clawing back some gains in tandem with the rise of regional markets amid firmer crude oil prices and overnight cheer from Wall Street positive performances.

It said looking at the daily chart, the FBM KLCI is currently rebounding from its trend channel support line while settling above all its key moving averages.

“While key momentum indicators (MACD, RSI and Stochastic) are still depicting a rather listless display, the local bourse is expected to receive some overnight cheer from Wall Street’s Friday rebound.

“Furthermore, the strong GDP numbers reported last Friday is expected to boost local sentiment.

“All in, we reckon that the FBM KLCI is likely to trade upside-bias within a range of 1,760 (S1)-1,784 (R1) this week,” it said.