KUALA LUMPUR, Dec 26 — The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) reversed its earlier losses in the mid-morning session, boosted by gains in selected blue chips.

At 11.08am, the FBM KLCI stood at 1,837.84, up 2.35 points after opening 6.95 points lower at 1,828.54.

Of the heavyweights, Maybank and CIMB both added three sen to RM9.98 and RM7.64 respectively, TNB rose two sen to RM11.10, Axiata inched up one sen to RM6.76 and Sime Darby appreciated four sen to RM9.44.

Hong Leong Investment Bank remained optimistic of a further KLCI upside in the medium to long term and take any volatility as an opportunity.

“Positive catalysts are diminishing macro risks amid more synchronised growth among major economies, prevailing low interest rate environment, Bursa safe haven status and defensive appeal amidst tapering volatility, strong domestic liquidity, improving domestic economic fundamentals given the budgetary reforms and fiscal discipline,” it said in a note today.

On the scoreboard, the Finance Index rose 18.856 points to 16,856.33, the Plantation Index appreciated 15.609 points to 8,733.1 and the Industrial Index eased 3.09 points to 3,123.

The FBM Emas Index increased 9.92 points to 12,669.17 and the FBMT100 Index garnered 11.52 points for 12,408.35.

The FBM Ace fell 2.2 points to 5,593.02 and the FBM 70 decreased 4.14 points to 14,039.32.

Gainers edged losers 251 to 229, with 273 counters unchanged, 806 untraded and 16 others suspended.

Turnover totalled 324.231 million shares worth RM210.68 million.

Among actives, MAS edged up half a sen to 31 sen, Nextnation was flat at half-a-sen while Sumatec and Daya Materials inched down half-a-sen each to 27 sen and 37.5 sen respectively. — Bernama