KUALA LUMPUR (Sept 2): The FBM KLCI pared some of its gains at the midday break Wednesday against the backdrop of firmer regional markets buoyed by the overnight rally at Wall Street, as losses at index-linked glove makers capped gains.

At 12.30pm, the FBM KLCI was up 6.35 points to 1,527.78. The index had earlier risen to a high of 1,532.07.

Gainers edged losers by 375 to 361, while 651 counters traded unchanged. Trading volume was 6.97 billion shares valued at RM2.58 billion.

The top gainers included Malaysian Pacific Industries Bhd, Nestle (M) Bhd, Fraser & Neave Holdings Bhd, PPB Group Bhd, United Plantations Bhd, United Malacca Bhd, Kwantas Corp Bhd, Panasonic Manufacturing Malaysia Bhd, JF Technology Bhd and Kuala Lumpur Kepong Bhd.

The actively traded stocks included Pasukhas Group Bhd, JCY International Bhd, Sapura Energy Bhd, MQ Technology Bhd, Bumi Armada Bhd, Trive Property Group Bhd, DGB Asia Bhd and XOX Bhd.

The decliners included Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, Pharmaniaga Bhd, Top Glove Corp Bhd, Supermax Corp Bhd, Duopharma Biotech Bhd and Comfort Gloves Bhd.

Reuters said Asian shares inched up on Wednesday following buoyant US manufacturing indicators and a rally in US tech shares, with investors also expecting more policy support from Washington.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.25% while Japan's Nikkei advanced 0.35%, it said.

Hong Leong IB Research said the current two-tier market on Bursa Malaysia with strong retail interest in the small caps and ACE companies should continue to dominate the trading scene whilst big caps remain in consolidation mode.

It said unless the KLCI stages a strong technical rebound this week to reclaim above 1,538-1,562 levels, it expects the index to experience more volatility in a seasonally sluggish September outing, compounded by domestic political uncertainty (ahead of the Sept 26 Sabah state election), the resurgence of Covid-19 cases in global hotspots coupled with escalating US-China geopolitical tension.

“Key supports are situated at 1,509-1,495-1,480 whilst resistances are pegged at 1,538-1,562-1,575 levels,” it said.