KUALA LUMPUR (Oct 15): The FBM KLCI, which opened in the red, erased losses as Asian markets rose. Regional markets gained on the overnight rise in US equities.

Malaysia's KLCI rose 0.49 point or 0.03% to 1,796.87 at 9.08am. The rise came on gains in stocks like IOI Corp Bhd and Felda Global Ventures Holdings Bhd.

Analysts said while a technical rebound in the KLCI was justified following losses in recent days, world economic growth concerns could still be a major factor influencing market dyanamics.

"Despite the KLCI (being) ripe for technical rebound, the concern of global growth amid weak economic (prospects) especially in the Eurozone might still have an upper hand in dictating the direction of the local market," TA Securities Holdings Bhd wrote in a note today.

At 9.14am, Bursa Malaysia saw some 108 million shares worth RM58 million changed hands. There were 171 gainers versus 103 decliners.

The top gainer was United Plantations Bhd while leading decliners included Lysaght Galvanized Steel Bhd and Hong Leong Industries Bhd.

The most-active stocks included Tiger Synergy Bhd and Malayan United Industries Bhd.
 
Across Asia, Japan's Nikkei 225 rose 0.33% while South Korea's Kospi climbed 0.2%.

Bloomberg reported that Asian stocks rose with US equity futures, ending a three-day drop in the regional gauge after the Standard & Poor’s 500 Index rebounded.

Oil climbed from multi-year lows as gold declined, while the dollar gained on optimism America’s economy is defying a global slowdown.