KUALA LUMPUR: Blue chips climbed in early Wednesday trade, led by gains in KL Kepong, MAHB and UMW but the advanced was held in check by profit taking o  Tenaga Nasional and Petronas-linked stocks.

At 9.45am, the FBM KLCI was up 2.05 points or 0.12% to 1,656,02. Turnover was 291.21 million shares valued at RM156.86mil. There were 212 gainers, 147 losers and 235 counters unchanged.

Asian shares came within reach of testing their 2016 peak on Wednesday as prospects of solid US growth and accommodative economic policy in major countries whet investors risk appetite damaged by uncertainty from Brexit, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2% in early trade to 426.62, just below its year-to-date high of 428.22. Japan's Nikkei gained 1.9%.

Crude futures fell on Wednesday as investors took gains after oil prices surged nearly 5% in the previous session, partly on the back of a forecast increase in demand next year. 

US crude slipped 45 cents to US$46.35 a barrel as of 0007 GMT after ending the previous session up US$2.06, or 4.6%. Brent futures fell 51 cents to US$47.96 a barrel after settling up US$2.22, or 4.8%.

Kenanga Investment Bank Research said technically speaking, the benchmark index is still caught in its congestion zone within 1,640-1,660. 

“While MACD histogram is still depicting a bullish convergence, RSI and Stochastic have shown signs of waning to indicate that the key index could consolidate sideways further,” it said.

Among the KLCI stocks, HLFG rose 18 sen to RM15.18, KL Kepong and UMW added 10 sen each to RM23.28 and RM5.59 whi;e MAHB advanced six sen to RM6.20.

Dutch Lady was the top gainer, up RM1.10 to RM61 with 1,200 shares done. Ajinomoto added 18 sen to RM12.88. F&N fell 12 sen to RM25.76 with 7,300 shares done while BAT was down eight sen to RM54.64.

LPI Capital rose eight sen to RM16.18 while Kossan edged up six sen to RM6.82.

Vivocom added one sen to 26.5 sen and it was the most active with 40.52 million shares done while the warrants were flat at 16 sen with 20.25 million units done.

CIMB Equities Research is neutral on Vivocom’s proposed a one-for-four bonus issue, which will boost its issued shares from 2.6 billion shares to 3.2 billion shares.

Petronas Gas and Petronas Dagangan fell 10 sen each to RM22.20 and RM23.46. Tenaga fell six sen to RM14.18.