KLCI edges up cautiously

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KUALA LUMPUR (Oct 1):  The FBM KLCI edged up cautiuously on the first trading day of the fourth quarter of 2015 in line with the uptrend at most regional markets.

At 9am, the FBM KLCI rose 1.57 points to 1,622.61.

The early gainers included UMW Holdings Bhd, PPB Group Bhd, Public Bank Bhd, MISC Bhd, Yinson Holdings Bhd, Cahya Mata Sarawak Bhd, Syarikat Takaful Malaysia Bhd, Genting Bhd and CIMB Group Holdings Bhd.

Asian stocks edged up on Thursday as global equities found breathing space after their worst quarter in four years, although caution over China Purchasing Managers' Indexes due later in the session limited gains, according to Reuters.

Stocks in Asia took heart from an overnight rally on Wall Street, where the S&P 500 gained 1.3 percent and the Dow rose 1 percent as bargain hunters scooped up beaten-down shares, it said.

JF Apex Securities Research in a market preview today said US markets rallied over 1.5% overnight but ended the quarter 7% lower to post the worst quarter since 2011.

Similarly, it said European indexes jumped 2.5% following gains in supermarket and miners.

“On the local bourse, the FBM KLCI surged 17.72 points to 1621.04 points in line with the rebound in Asian markets.

“Following the bullish performance in the US, we expect the FBM KLCI to extend its uptrend after bouncing off the support of 1600 points. Resistance levels are seen at 1670 and 1700 points,” it said.