KUALA LUMPUR: The local bourse recovered from a brief breather in early morning trade to move higher amid positive performances in other regional markets.
Bursa Malaysia was on tenterhooks as it awaited the release of earnings results from Corporate Malaysia over the remainder of the month, following the CNY holiday.
At midday, the FBM KLCI moved up 2.35 points to 1,858.34. Turnover was lacklustre at 1.09 billion shares worth a value of RM923.27mil. There were 459 gainers versus 312 decliners and 364 counters unchanged.
Banking heavyweights were mixed with Public Bank rising 12 sen to RM22.20 and Maybank adding two sen to RM10.16. Hong Leong Bank fell 24 sen to RM18.26 while CIMB was unchanged.
Some counters that announced their earnings results yesterday showed gains, including Petronas Chemicals gaining four sen to RM8.14 and Nestle rising RM1.40 to RM122.90.
In other Petronas-related counters, Petronas Dagangan gained 10 sen to RM10.54 while Petronas Gas rose two sen to RM17.82.
Genting Malaysia dropped eight sen to RM5.42 whie Genting rose five sen to RM9.18.
Among telcos, Maxis shaved two sen to RM6.09 while Digi and Axiata were unchanged.
In utilities, Tenaga Nasional fell two sen to RM15.70 and TM put on three sen to RM6.03.
Among plantations stocks, Sime Darby Plantation
dropped two sen to RM5.53 while IOI, PPB and KL Kepong were unchanged in the morning session.
On the broader market, UEM Edgenta rose 22 sen to RM2.56 on the back of positive earnings announced yesterday.
Meanwhile, MAHB gained 34 sen to RM4.80 ahead of the announcements of its earnings results.
The airport company said fourth quarter earnings dipped 16.3% on year to RM27.86mil on losses from its Turkey operations, while full-year earnings more than tripled to RM236.49mil from the previous year.
Some of the laggards on Bursa Malaysia on Wednesday included Dutch Lady, dropping 19 sen to RM64.72; KESM, falling 14 sen to RM20.24; and Aeon Credit, slipping eight sen to RM13.50.
Oil prices fell on Wednesday as the US dollar rebounded from three-year lows hit last week and an expected rise in US oil production, Reuters reported.
WTI crude dropped 71 cents to US$61.08 a barrel while Brent crude fell 59 cents to US$64.68 a barrel.
On the forex market, the ringgit weakened against global currencies. It weakened 0.2% against the US dollar at 3.9084, 0.4% against the pound sterling at 5.4668 and was marginally weaker against the Singapore dollar at 2.9608.
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