Bargain hunting lifts KLCI in early trade

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KUALA LUMPUR (May 8): The FBM KLCI edged up in early trade today, lifted by bargain hunting on select blue chipe in line with the steadier regional markets.

At 9am, the FBM KLCI added 1.22 points to 1,806.32.

The top gainers included Carlsberg Brewery (M) Holdings Bhd, Hong Leong Bank Bhd, Time Dotcom Bhd, Tenaga Nasional Bhd, C.I Holdings Bhd, Malayan Banking Bhd, Telekom Malaysia Bhd, Sime Darby Bhd and Unisem (M) Bhd.

Asian shares held firm on Friday on signs global bond markets are stabilising after a big selloff and sterling jumped about one percent after UK exit polls forecast the ruling Conservatives taking the most seats in parliament, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed while Japan's Nikkei ticked up 0.2 percent from one-month low hit on Thursday, it said.

JF Apex Securities Research in a market preview said US markets ended higher ahead of today's key employment data with retreats in bond yields and oil prices, as well as appreciation in the US dollar.

Meanwhile, it said European stocks recovered from intraday losses to close flat following weaker US jobless claims indicate a delay in interest rate hike.

“On the local market, the FBM KLCI plunged 15.87 points to 1805.10 points.

“Following the positive overnight performance in the US, we expect the KLCI to rebound with some bargain hunting activities going on, with support at the psychological 1800 points,” it said.