KUALA LUMPUR (Aug 8): The FBM KLCI staged a rebound in line with the rally at regional markets, and rose 0.56%, lifted by Genting-linked counters and select banking stocks.

At 12.30pm, the FBM KLCI rose 8.96 points to 1,613.66.

Gainers led losers by 316 to 214, while 473 counters traded unchanged. Volume was 1.24 billion shares valued at RM605.34 million.

The gainers included Allianz Malaysia Bhd, United Plantations Bhd, Petronas Dagangan Bhd, British American Tobacco (M) Bhd, Public Bank Bhd, AMMB Holdings Bhd, Cocoaland Holdings Bhd, RHB Bank Bhd and APM Automotive Holdings Bhd, Genting Malaysia Bhd and Genting Bhd.

The actives included Eduspec Holdings Bhd, NetX Holdings Bhd, KNM Group Bhd, Iris Corp Bhd and Genting Malaysia.

The decliners included Nestle (M) Bhd, Rapid Synergy Bhd, Batu Kawan Bhd and LPI Capital Bhd.

Asian shares were trying to rally on Thursday after Beijing limited the fall in its yuan and provided temporary relief from fears of a global currency war, though worries about recession still lurked in the background, according to Reuters.

China's central bank set its yuan midpoint beyond 7 to the US dollar for the first time since the global financial crisis, but that was not as weak as many had expected, it said.

Affin Hwang Capital Research said the FBM KLCI Index turned lower in yesterday's session, down 7.09 points or 0.44%, closing at 1,604.70.

The research house said volatility dropped in yesterday's session, hovering within a 10-point range between an intraday high of 1,611.48 and a low of 1,602.8. Price was contained within the range of the previous candle as well.

"Strong bias remains downwards as there are no signs of a bullish reversal currently.

"Downward movement remains intact," it said.