KUALA LUMPUR (Jan 9): The FBM KLCI pared much of its gains at the midday break today despite the rally at regional markets, as Petronas Chemicals Group Bhd and Malaysia Airports Holdings Bhd (MAHB) were among the top losers.

At 12.30pm, the FBM KLCI was up 3.69 points to 1,592.79. The index had earlier risen to a high of 1,599.01.

Gainers led losers by 421 to 160, while 469 counters traded unchanged. Volume was 1.55 billion shares valued at RM817.77 million.

The gainers included Panasonic Manufacturing Malaysia Bhd, Aeon Credit Service (M) Bhd, Heineken Malaysia Bhd, Hong Leong Financial Group Bhd, KESM Industries Bhd, Kuala Lumpur Kepong Bhd, Sarawak Oil Palms Bhd and Guan Chong Bhd.

The actives included Priceworth International Bhd, Vortex Consolidated Bhd, Alam Maritim Resources Bhd, Kronologi Asia Bhd, Dataprep Holdings Bhd, Bumi Armada Bhd and NetX Holdings Bhd.

The decliners included Nestle (M) Bhd, Petronas Chemicals, MAHB, BLD Plantation Bhd, Knusford Bhd, Allianz Malaysia Bhd, RHB Bank Bhd and PPB Group Bhd.

Asian stocks rebounded on Thursday and oil edged up as the United States and Iran backed away from the brink of further conflict in the Middle East and investors unwound safety plays, according to Reuters.

US President Donald Trump responded overnight to an Iranian attack on US forces with sanctions, not violence. Iran offered no immediate signal it would retaliate further over a Jan 3 US strike that killed one of its senior military commanders, it said.

Affin Hwang Capital Research said the FBM KLCI fell 21.94 points or 1.4%, to close at 1,589.1 on Wednesday.

The research house said the index is now trading around the lower end of the 1,615-1,588 consolidation range.

"Anticipate the index to rebound in today's session in line with overnight positive performance in the US market.

"Nonetheless, upside perceived to be limited due to uncertainties in the global market, particularly the current geopolitical concerns between US and Iran.

"Anticipate index to trade sideways with downward bias," it said.