KUALA LUMPUR (July 24): The FBM KLCI notched up limited gains at the midday break in the absence of fresh domestic catalysts.

At 12.30pm, the FBM KLCI gained 1.23 points to 1,656.90. The index had earlier risen to a high of 1,659.38.

Gainers led losers by 293 to 264, while 579 counters traded unchanged. Volume was 1.94 billion shares valued at RM1.04 billion.

The gainers included Nestle (M) Bhd, SAM Engineering & Equipment (M) Bhd, Fraser & Neave Holdings Bhd, Genting Malaysia Bhd, Genting Bhd, Yinson Holdings Bhd, DRB-Hicom Bhd, Petronas Gas Bhd and Perusahaan Sadur Timah Malaysi (Perstima) Bhd.

The actives included KNM Group Bhd, Priceworth International Bhd, NetX Holdings Bhd, Velesto Energy Bhd, Green Packet Bhd, Reach Energy Bhd and Vsolar Group Bhd.

The decliners included Latitude Tree Holdings Bhd, Manulife Holdings Bhd, Sarawak Plantations Bhd, Hong Leong Bank Bhd, Hong Leong Industries Bhd and Public Bank Bhd.

Asian shares on Wednesday gave a guarded welcome to hints of progress in the Sino-US trade saga, while the US dollar hit two-month highs on the euro as investors wagered on a dovish outcome from the European Central Bank's coming policy meeting, according to Reuters.

Sentiment had been helped by a Bloomberg report that US Trade Representative Robert Lighthizer would travel to Shanghai next week for meetings with Chinese officials, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed flat in yesterday's session, up 0.27 points or 0.02% only, closing at 1,655.67.

It said market breadth was positive, 462 gainers as compared to 369 losers.

"Trading volume was at 2.77 billion shares while value traded stands at RM2.01 billion.

"Volatility was low yesterday with the index trading within around a 5-point range between a high of 1,658.35 and a low of 1,654.02.

"With price action now pointing towards the downside and technical indicators showing more weakness to follow, we can anticipate the index to drift towards the next key support around 1,635. Anticipate the index to move sideways with downward bias," it said.