KLCI rises 0.48%, tracks regional gains while staying above 1,700-level

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KUALA LUMPUR (July 13): The FBM KLCI rose 0.48% in early trade and looked poised to defend its position above the psychologically critical 1,700-point level.

At 9.05am, the FBM KLCI rose 8.20 points to 1,711.77.

The early gainers included Nestle (M) Bhd, Heineken Malaysia Bhd, Petronas Dagangan Bhd, British American Tobacco (M) Bhd, Hong Leong Industries Bhd, Petronas Chemicals Group Bhd, George Kent (M) Bhd, Kossan Rubber Industries Bhd, Supermax Corp Bhd and SAM Engineering & Equipment Bhd.

Asian shares were higher on Friday following gains on Wall Street overnight, as concerns over an escalating U.S. trade war with China took a breather, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent, building on a 0.6 percent rise on Thursday, after U.S. stocks ended the day higher, it said.

JF Apex Securities Research in a market preview said US markets rebounded overnight with tech-heavy Nasdaq index surged to its all time high.

It said European stocks also rebounded and closed higher as investor consolidated steep losses from the previous session.

“On the local bourse, the FBM KLCI ended 14.80 points higher at 1703.57 points, above 1700 points psychological level.

“We expect profit taking activities to kick in today following recent rally,” it said.