KULA LUMPUR: Key Asian markets staged a technical rebound in early trade on Wednesday, Feb 10 after the firmer close on Wall Street as the European Union works out a rescue plan for the debt-laden Greece.

At 9.27am, the FBM KLCI rose 12.64 points to 1,246.5. There were 100.7 million shares done valued at RM102.18 million. There were 275 gainers, 37 losers and 114 stocks unchanged.

Tasek jumped 55 sen to RM4.70 after its 63 sen dividends plan.

BAT and LPI rose 20 sen each to RM42.22 and RM13.60.

AMMB added 18 sen to RM4.90, HLFG rose 15 sen to RM7.56, Maybank and CIMB added 12 sen to RM6.84 and RM12.34.

Heavyweights Tenaga rose 16 sen to RM8.01 while Sime Darby inched up 15 sen to RM8.47 while Guinness Anchor gained 14 sen to RM6.74.

RHB Research said with the FBM KLCI bouncing back from a multi-month low of 1,224.37 yesterday, coupled with the “very oversold” momentum readings on the chart, the index could launch a technical rebound today.

However, investors should remain cautious given the recent bearish developments on the technical ground. The 10-day SMA has cut below the 40-day SMA indicating a medium-term bearish sign on the FBM KLCI.

"And the recent fall of the index to below the critical level of 1,250 has confirmed an uptrend derailment of the benchmark’s 10-month rally. As a result, we are skeptical on any possible upside in the near term.

"Unless it can remove 1,250, the 10-day SMA at 1,259 and the 40-day SMA of 1,276, we are of the view that the index could resume its downtrend when sellers return nearer to these resistances," it said.

RHB Research said further downside from the current level will lead to a revisit of the 1,200 psychological level.