KUALA LUMPUR (Sept 14): The FBM KLCI edged up cautiously in early trade today in line with the gains at most regional markets.
At 9am, the FBM KLCI gained 1.54 points to 1,605.14.
The top gainers included Petronas Gas Bhd, Hartalega Holdings Bhd, MISC Bhd, Petronas Dagangan Bhd, Pos Malaysia Bhd, Panasonic Malaysia Manufacturing Bhd, Kossan Rubber Industries Bhd, UMW Holdings Bhd, Sunway Construction Group Bhd and Malayan Banking Bhd.
Asian shares edged up on Monday in cautious trade, brushing off soft economic data from China, as investors looked to whether the US Federal Reserve is confident enough to raise interest rates for the first time in a decade, according to Reuters.
US stock futures rose 0.4% from late US levels in early Asian trade while Japan's Nikkei rose 0.4%. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3%, it said.
JF Apex Securities Research in a market preview today said the US market ended mildly higher on Friday after reversing intra-day losses.
Meanwhile, it said European stocks declined on concerns of a rate hike during the US Federal Reserve's meeting this week.
"On the local market, the FBM KLCI lost 10.42 points to 1,603.60 points.
"We expect the index will remain pressured after China's investment and factory output missed estimates in August. Support level is seen at 1,555 points," it said.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)