KLCI edges up in cautious trade

-A +A

KUALA LUMPUR (July 15): The FBM KLCI edged up in early trade today in line with the cautious gains at most regional markets.

At 9.01am, the FBM KLCI was up 1.56 points to 1,722.66.

The top gainers included Kuala Lumpur Kepong Bhd, Quality Concrete Bhd, Genting Plantations Bhd, Public Bank Bhd, Time Dotcom Bhd, Fima Corporation Bhd, Coastal Contracts Bhd, Pos Malaysia Bhd and Telekom Malaysia Bhd.

Asian stocks inched cautiously higher on Wednesday, taking their cue from Wall Street ahead of key events including Chinese economic data, a Bank of Japan policy decision and congressional testimony by the U.S. Federal Reserve chief, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, while Japan's Nikkei stock index advanced 0.5 percent in early trade, it said.

JF Apex Securities Research in a market preview today said US markets gained as corporate results season kick off along with positive developments in Greece and Iran.

It said European markets closed slightly higher on hopes of Greece passing a legislation for the third bailout.

“On the local market, the FBM KLCI rose 4.99 points to 1721.10 points.

“Asian markets are cautious today as China announces its second quarter GDP.

“We expect the FBM KLCI to consolidate below the resistance level of 1740 points,” it said.