KUALA LUMPUR (March 1): The FBM KLCI reversed its earlier losses and climbed at mid-morning, against the backdrop of weaker regional markets.

At 10.10am, the FBM KLCI rose 2.80 points to 1,869.00. The index had earlier dipped to a low of 1,851.51.

Losers led gainers by 472 to 212, whikle 327 counters traded unchanged. Volume was 996.41 million shares valued at RM439.49 million.

The top gainers incuded Panasonic Manufacturing Malaysia Bhd, Fraser & Neave Holdings Bhd, Dutch Lady Milk Industries Bhd, United Plantations Bhd, Top Glove Corp Bhd, Kuala Lumpur Bhd, Mesiniaga Holdings Bhd, Genting Bhd, Kuchai Development Bhd and Mulpha International Bhd.

The actives included Sumatec Resources Bhd, HB Global Ltd, Vivocom Intl Holdings Bhd, Daya Materials Bhd, Sino Hua-An International Bhd, EA Holdings Bhd, PUC Bhd, DGB Asia Bhd and Hibiscus Petroleum Bhd.

The losers included Nestle (M) Bhd, KESM Industries Bhd, Ajinomoto (M) Bhd, Genting Plantations Bhd, Lingkaran Trans Kota Holdings Bhd, Hong Leong Financial Group Bhd, Time Dotcom Bhd, Perak Corp Bhd and UMW Holdings Bhd.

Asian stocks skidded on Thursday after comments from the Federal Reserve's new chief rekindled fears about the pace of U.S. monetary tightening this year, sending Wall Street tumbling for its worst performance in two years and lifting the dollar, according to Reuters.

For weeks investors have been on edge, with the recent rout in equities cascading through financial markets amid concerns higher interest rates in advanced economies, led by the United States, could dent world growth, it said.

Hong Leong IB Research in a traders’ brief said that in the US, the heightened volatility may persist as traders will be watching Fed's favourite inflation measure, the core PCE index this coming Thursday.

“Should the data come above consensus, it may fuel the expectations of rate hikes.

“The negative sentiment could further intensify the selling pressure on regional stock markets and Bursa Malaysia, eventually.

“Traders may reassess their portfolio holdings as the reporting season has ended. Meanwhile, KLCI's upside may be capped along 1,870-1,880,” it said.