KUALA LUMPUR (June 18): The FBM KLCI reversed its earlier losses and rose 0.34% at the midday break today, against the backdrop of tepid regional markets, lifted by gains at index-linked telecommunications stocks.

At 12.30pm, the FBM KLCI gained 5.52 points to 1,643.92. The index had earlier slipped to a low of 1,636.18.

Gainers, however, trailed losers by 197 to 282, while 492 counters traded unchanged. Volume was 1.14 billion shares valued at RM622.41 million.

The gainers included Fraser & Neave Holdings Bhd, MISC Bhd, Petronas Gas Bhd, Axiata Group Bhd, Petronas Dagangan Bhd, Hong Leong Bank Bhd, Digi.Com Bhd, Panasonic Manufacturing Malaysia Bhd and Allianz Malaysia Bhd.

The actives included newly-listed Mestron Holdings Bhd, Greatech Technology Bhd, Lambo Group Bhd, Ekovest Bhd, HPMT Holdings Bhd and Bumi Armada Bhd.

The decliners included Can-One Bhd, Ajinomoto (M) Bhd, LPI Capital Bhd, Apex Healthcare Bhd, KESM Industries Bhd, Lafarge Malaysia Bhd and Aeon Credit Service (M) Bhd.

Most Southeast Asian stock markets traded in a tight range on Tuesday as caution ahead of the US Federal Reserve's two-day policy meeting kept investors on the sidelines, according to Reuters.

The Fed is meeting later in the day amid fresh demands by US President Donald Trump to cut interest rates. However, the central bank is expected to keep rates steady this time while preparing for a rate cut later this year, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed flat in yesterday's session, ending 0.23 points or 0.01% lower at 1,638.40.

"Performance of our local market was muted amidst the lack of fresh catalysts. Despite a heavily skewed market breadth towards the downside (255 gainers as compared to 537 losers), the index remained flat.

"Pullback from the latest up move is still in progress with prices now hovering just above the 20- & 50-day EMA (exponential moving average).

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