KUALA LUMPUR (July 12): The FBM KLCI reversed its earlier losses and edged marginally higher at mid-morning today, lifted by select blue chips.

At 9.58am, the FBM KLCI was up 0.17 points to 1,755.20.

The gainers included Fraser & Neave Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Hong Leong Bank Bhd, Teck Guan Perdana Bhd, Malaysian Pacific Industries Bhd, New Hoong Fatt Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Dutch Lady Milk Industries Bhd and ViTrox Corp Bhd.

The actives included Eduspec Holdings Bhd, Mlabs Systems Bhd, YGL Convergence Bhd, Luster Industries Bhd and LNG Resources Bhd.

The losers included Nestle (M) Bhd, Ajinomoto (M) Bhd, Allianz Malaysia Bhd, Petronas Dagangan Bhd, Magni-Tech Industries Bhd, Boustead Heavy Industries Corp Bhd and PPB Group Bhd.

Asian shares steadied on Wednesday, after Wall Street managed to weather a fresh twist in the political controversy surrounding U.S. President Donald Trump's administration, while investors looked ahead to Federal Reserve Chair Janet Yellen's comments later in the day, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1%, while Japan's Nikkei slid 0.3%, Reuters said.

Hong Leong IB Research in a traders’ brief this morning said investors on Wall Street are likely to trade cautiously ahead of the Fed’s testimony, the release of oil stockpiles and the start of the 2Q17 reporting season.

However, it said the long-legged Doji formation overnight could indicate a degree of strength for the Dow to continue to build its base above the 50-d SMA or 21,162.

“On Bursa Malaysia, selected shares may be due for a technical rebound, after the FBM KLCI breached below the 1,760 level for the 3rd straight sessions, coupled with an oversold signal from the slow stochastic indicator.

“Focus will remain on lower liners and oil & gas stocks, amid a rebound in oil prices overnight,” the research house said.