KLCI edges up on bargain hunting as Asian markets gain

-A +A

KUALA LUMPUR (Dec 2): The FBM KLCI edged up in early trade on Tuesday on bargain hunting as regional markets mostly advanced despite the weaker overnight close at Wall Street.

At 9.01am, the FBM KLCI added 1.91 points to 1,780.18.

The top gainers included Petronas Dagangan Bhd, UMW Holdings Bhd, Yinson Holdings Bhd, Coastal Contracts Bhd, Dayang Enterprise Holdings Bhd, UMW Oil & Gas Corporation Bhd, Muhibbah Engineering Bhd,  CIMB Group Holdings Bhd  and Kulim (M) Bhd.

At the regional markets, Asian equities gained on Tuesday as a rebound in the crude oil price gave resource-related sectors a breather, but Tokyo shares bucked the trend and slipped as the yen's losing streak was tempered, according to Reuters.

Crude oil held to a swathe of gains after rebounding sharply overnight from five-year lows. The bounce in oil and other commodities was a good omen for currencies such as the Canadian and Australian dollars and also helped gold to bounce back, it said.

Hong Leong IB Research in a market preview Tuesday said teh FBM KLCI may stage a technical rebound amid overnight rebound in oil prices and bottoming up hourly chart coupled with potential year-end window dressing.

“Technical resistances are 1790-1800 whilst supports fall on 1750-1766,” it said.