KUALA LUMPUR (Feb 12): The FBM KLCI rebounded this morning and was up 0.55% at mid-morning, as local sentiment somewhat stabilised after the heavy selloff last week.

At 10am, the FBM KLCI rose 9.98 points to 1,829.80.

Gainers led losers by 420 to 167, while 255 counters traded unchanged. Volume was 411.75 million shares valued at RM226.25 million.

The top gainers included Hong Leong Bank Bhd, Aeon Credit Service (M) Bhd, Genting Bhd, UMW Holdings Bhd, Public Bank Bhd, TRIplc Bhd, Ajinomoto (M) Bhd, Elsoft Research Bhd and Favelle Favco Bhd.

The actives included PUC Bhd, Tiger Synergy Bhd, Borneo Oil Bhd, AirAsia X Bhd, Digistar Corp Bhd, Kretam Holdings Bhd and Diversified Gateway Solutions Bhd.

The decliners included Petron Malaysia Refining & Marketing Bhd, Panasonic Manufacturing Malaysia Bhd, Atlan Holdings Bhd, Time Dotcom Bhd, Fraser & Neave Holdings Bhd and Top Glove Corp Bhd.

Asian share markets were struggling to find their footing on Monday as investors fretted about the risks from looming US inflation data, although early gains on S&P futures offered a sliver of support, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1%, having suffered a 7.3% drubbing last week. Japan's Nikkei was closed for a holiday, but Australia's main index shed another 0.4%, it said.

Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said the jittery sentiment in equity markets was expected to continue after US stocks staged a weak closing last week, where stocks closed on last minutes rebound.

He said a potential of at least three rate adjustments in the next twelve months in the US have led smart investors to lock in profit ahead of unexciting rate hiking environment.

"This week we anticipate the Dow to hover around current level as distribution remains the main agenda of investors. Any rebounds will surely attract sellers thus will be short lived.

"For the local stock market, stocks are expected drift sideways with market participants still hope for further 'CNY and GE14' rallies, plus strengthening of ringgit against US dollar.

"There might be spikes of rally in the local market as the FBM KLCI Index's medium and long-term trend underlying trend are still bullish. Trade wisely," he said.