30/06/2012 (Bernama) - Shares on Bursa Malaysia sustained the positive momentum at midday today, led by financial and palm oil-related stocks against uncertain global market developments, dealers said.

At 12.30 pm, the underlying FTSE Bursa Malaysia KLCI (FBM KLCI) gained 7.85 points to 1,602.09, after alternating between 1,593.87 and 1,603.81 throughout the morning session.

Inter-Pacific Research head, Pong Teng Siew said foreign funds had scaled back from selling, allowing local fund managers to move in and this lifted the local bourse to a steady performance.

"The foreign funds scaled back on selling against a relatively mixed close in developed markets.

"This allowed local funds to recover points today for a firmer market locally, in line with the mixed backdrop on regional bourses, which indicates stabilisation taking place," he told Bernama.

On Thursday's market debutant Felda Global Ventures Holdings Bhd (FGV) share price which retreated in the early morning session today, Pong said it's quite usual for profit-taking to set in after an impressive debut.

"Some investors will buy on expectations of quick gains after the listing which leads to profit-taking and that's what we are seeing today," he added.

FGV's share price ended the morning session down two sen at RM5.28.

Pong also said investors are cautious over the outcome of the ongoing European leaders summit.

The Finance Index rose 41.30 points to 14,256.14, the Plantation Index added 37.65 points to 8,471.54 and the Industrial Index gained 22.12 points to 2,852.25.

The FBM Emas Index increased 53.75 points to 10,934.72, the FBM Mid 70 Index advanced 70.149 points to 11,931.64 and the FBM ACE Index improved 26.55 points to 4,332.92.

Advancers led decliners 351 to 265 while 275 counters traded unchanged.

Turnover stood at 626.947 million shares worth RM648.963 million.

Among active counters, Ingenuity Solutions added two sen to 12 sen, Flonic Hi-Tech-WA inched up half-a-sen to 7.0 sen and Luster Industries eased 1.5 sen to 13 sen.

Of the heavyweights, Maybank added three sen to RM8.72, Sime Darby earned one sen to RM9.89 and CIMB dropped one sen to RM7.56, while Petronas Chemicals was flat at RM6.47.