Tenaga, Public Bank lift KLCI in early trade

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KUALA LUMPUR (Sept 7): The FBM KLCI edged higher in early trade this morning, lifted by gains at index-linked heavyweights.  

At 9.05am, the FBM KLCI was up 3.12 points to 1,801.69.

The gainers included Fraser & Neave Holdings Bhd, UMW Holdings Bhd, Petronas Gas Bhd, Tenaga Nasional Bhd, Carlsberg Brewery Malaysia Bhd, Panasonic Manufacturing Malaysia Bhd, Weida Bhd, Hong Leong Bank Bhd, Genting Bhd and Public Bank Bhd.

Asian shares slipped to a 14-month trough on Friday as investors feared a new round of Sino-U.S. tariffs could come at any moment, while a slump in U.S. chip stocks rippled through the tech sector, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.34 percent to reach its lowest since mid-July last year, it said.

JF Apex Securities Research in a market preview said US markets were mixed as the S&P and Nasdaq declined after technology counters plunged while the Dow managed to eke out small gains.

It said that earlier, European stocks tumbled following concerns on global trade and emerging markets.

“On the local market, the FBM KLCI gained 3.07 points to 1798.57 points.

“Following the bearish performance in the US and Europe, the FBM KLCI is expected to remain pressured and hover around the 1800-point level,” it said.