KLCI edges up as buying opportunities emerge

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KUALA LUMPUR (May 20): The FBM KLCI edged up in early trade on some bargain hunting activities despite the more lacklustre sentiment at most regional markets.

At 9.03am, the FBM KLCI was up 1.98 points to 1,811.70.

The top gainers included Petronas Dagangan Bhd, United Plantations Bhd, Syarikat Takaful Malaysia Bhd, MISC Bhd, Public Bank Bhd, Malaysia Airports Holdings Bhd, Pestech International Bhd and Tenaga Nasional Bhd.

Asian shares got off to a lacklustre start on Wednesday after a mixed day on Wall Street, though Japan's better-than-expected economic growth lifted the Nikkei to a nearly one-month high, according to Reuters.

The euro remained pressured by expectations that the European Central Bank would increase its bond-buying stimulus, it said.

JF Apex Securities Research in a market preview today said US stocks were mixed with the Dow extending its record high ahead of the release of Federal Reserve meeting minutes later today.

Meanwhile, it said European markets jumped on European Central Bank's pledge on continuous quantitative easing.

“Back home, the FBM KLCI bucked regional trend after tumbling 13.78 points to 1809.72 points, reversing Monday's gains.

“Asian markets could be lifted after Japan's first quarter GDP came above expectations.

“We expect the KLCI to move sideways below its resistance of 1,830 points,” it said.