KUALA LUMPUR: The FBM KLCI retraced nearly all of its gains from earlier in the day as investors took to profit-taking following the recent surge in equities prices.

       After rising as much as 14.1 points earlier in the day, the benchmark index settled just 0.43 points higher than the previous close at midday at 1,600.04.

       Investors are cashing out of a commodities-driven rally, now in its sixth straight day, even as analysts say the market has overheated and is due for a consolidation.

       TA Securities said in a report that overbought momentum, surging inflation and lingering caution over the elevated Russia-Ukraine political tensions should see profit-taking limiting near-term upside.

       "On the key index, key resistance checking upside will be at 1,600 and 1,620 with subsequent tougher hurdles at 1,640 and 1,680," it said.

       Meanwhile, Malacca Securities Research expects the positive run to continue given the broadly positive tone underlying the market.

       "We reckon that the plantation sector may experience some profit-taking after enjoying a good run as of late while the financial services sector appears to be gaining traction as economic activities gradually return to pre-pandemic levels," it said.

       At midday, Maybank managed to hold on to its earlier gains, adding seven sen to RM8.69. CIMB however slid three sen to RM5.62 while Public Bank and Hong Leong Bank were unchanged.

       In plantations, Sime Darby Plantation fell eight sen to RM4.61 although Kuala Lumpur Kepong climbed 32 sen to RM25.84.

       Press Metal was another active gainer, rising six sen to RM6.90.

       Meanwhile, airports operator MAHB jumped 17 sen to RM6.39 on the back of improving prospects for the aviation industry.

       Semiconductor play MPI also gained 40 sen to RM37.38, tracking an overnight bounce in the Nasdaq.

       Among top actives, DNeX rose 12 sen to RM1.25, SMTrack gained 1.5 sen to 22.5 sen and KNM added 0.5 sen to 19 sen.

       In major Asian markets, stocks rallied on the back of easing geopolitical tensions as Russia withdrew some troops from the Ukraine border.

       On the heels of a surge in US equities, Japan's Nikkei gained 2%, South Korea's Kospi rose 1.7% and China's composite index added 0.7%.

       Hong Kong's Hang Seng rose 1.3% while Australia's ASX200 gained 0.9%.