KUALA LUMPUR (Jan 12): The FBM KLCI staged a mild technical rebound in the morning session today and rose 0.21% at midday break.

At 12.30pm, the FBM KLCI rose 4.00 points to 1,820.88. The index had earlier risen to a high of 1,825.81.

Gainers led losers by 350 to 297, while 619 counters traded unchanged. Volume was 1.85 billion shares, valued at RM1.33 billion.

The top gainers included Kluang Rubber Company (Malaya) Bhd, Nestle (M) Bhd, Kuchai Development Bhd, Petronas Gas Bhd, Sungei Bagan Rubber Company (Malaya) Bhd, Negri Sembilan Oil Palms Bhd, LPI Capital Bhd, Chemical Company of Malaysia Bhd, Fraser & Neave Holdings Bhd, Hengyuan Refining Company Bhd and Cahya Mata Sarawak Bhd.

The actives included UMW Oil & Gas Corp Bhd, Sapura Energy Bhd, Sino Hua-An International Bhd, Matang Bhd, EA Holdings Bhd, Hubline Bhd, P.A.Resources Bhd, KNM Group Bhd and Borneo Oil Bhd.

The losers included British American Tobacco (M) Bhd, Keck Seng (M) Bhd, Carlsberg Brewery Malaysia Bhd, Edaran Bhd, Pharmaniaga Holdings Bhd< Mercury Industries Bhd and PPB Group Bhd.

Asian stocks resumed their ascent on Friday, supported by U.S. earnings optimism and a rise in oil prices, while the euro edged higher as the European Central Bank signalled an end to its massive stimulus, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5%, following two straight sessions of decline. Japan's Nikkei dipped 0.1%, Reuters said.

Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said US stocks rebounded from the first retreat of the year to set fresh records, as resource producers and industrial shares rallied on optimism in the global economy.

He said the S&P 500 index rose 0.7% to 2,767.56.

“The Dow added 205.60 points (0.8%) to 25,574.73. For the local market, the FBM KLCI is expected to move in tandem with regional markets.

“In the near term, market participants should capitalise pullbacks as opportunity to accumulate stocks, as underlying sentiments in the market is so bullish. Immediate support range is expected to be between 1820-1800. Buy quality stocks on price weakness,” Dr Nazri said.