KUALA LUMPUR (Dec 27): The FBM KLCI stayed above the 1,760-point level at mid-morning today as strong crude oil prices lifted local oil and gas-related stocks.

At 10am, the FBM KLCI rose 3.13 points to 1,763.12.

Gainers led losers at 302 versus 231, while 289 counters traded unchanged. Volume was 506.18 million shares valued at RM273.04 million.

The top gainers included Petron Malaysia Refining & Marketing Bhd, Hengyuan Refining Company Bhd, Hong Leong Bank Bhd, Petronas Gas Bhd, Genting Plantations Bhd, Petronas Dagangan Bhd, Aeon Credit Service (M) Bhd, Pentamaster Corp Bhd, SAM Engineering & Equipment (M) Bhd and United Plantations Bhd.

The actives included Sapura Energy Bhd, Sino Hua-An International Bhd, Hibiscus Petroleum Bhd, UMW Oil & Gas Corp Bhd, Fintec Global Bhd and Mlabs Systems Bhd.

The losers included Fraser & Neave Holdings Bhd, Dutch Lady Milk Industries Bhd, Nestle (M) Bhd, Hartelega Holdings Bhd, Amway (M) Holdings Bhd, Telekom Malaysia Bhd and Top Glove Corp Bhd.

Oil prices were supported around a 2½ year top on Wednesday after an explosion of a Libyan crude pipeline sparked supply fears while gold and copper hovered near multi-week highs, boosting commodity- and energy-linked shares around Asia, according to Reuters.

Trading was generally thin across the board in a holiday-shortened week, it said.

Hong Leong IB Research in a traders' brief said that on Wall Street, trading interest could turn softer throughout the final week of the year and market sentiments are likely to stay subdued with investors staying aside for the shortened trading week.

"Nevertheless, ongoing rally will continue (unless support trendline near 24,000-24,200 is broken) in anticipation [of] fiscal stimulus, corporate spending and additional stimulus measures by the government.

"Meanwhile, on the local front, selected index heavyweights may stay positive, underpinned by ringgit appreciation bias and oil price strength coupled with the window dressing activities.

"Also, we believe that with the Brent crude oil closed on a bullish tone overnight, oil and gas counters such as Bumi Armada Bhd and Sapura Energy are likely to garner trading interests," it said.