KLCI edges up in early trade in line with regional markets

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KUALA LUMPUR (May 28): The FBM KLCI edged up in early trade in line with the gains at most regional markets.

At 9am, the FBM KLCI gained 2.86 points to 1,757.91.

The top gainers included United Plantations Bhd, Hong Leong Bank Bhd, Sin Hock Leong Bhd, Heitech Padu Bhd, Sime Darby Bhd, Maxis Bhd,Subur Tiasa Holdings Bhd, Top Glove Corporation Bhd and Genting Bhd.

Asian shares edged up on Thursday on vague hopes of a rescue deal for Greece while the dollar was at the helm in currency markets on expectations that the U.S. Federal Reserve will raise rates later this year, according to Reuters.

Japan's Nikkei rose 0.6 percent while MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent, with South Korean shares leading the gain with a rise of 0.5 percent, it said.

JF Apex Securities Research in a market preview today said US markets rebounded sharply with the Nasdaq hitting record high as the ascent in US dollar and bond yields took a break.

Similarly, it said European stocks rallied after news of Greece potentially avoiding default with an agreement with its creditors.

“On the local market, the FBM KLCI ended 9.02 points lower at 1755.05 points after regaining some grounds from an intraday low of 1749.78 points.

“Following the positive performance led by Greece, we expect the KLCI to rebound with support around 1750 points,” it said.