KLCI edges up in early trade in line with regional uptrend

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KUALA LUMPUR (April 16): The FBM KLCI edged up in early today in line with the regional uptrend, lifted by gains at selecvt blue chips.

At 9am, the FBM KLCI rose 1.91 points to 1,842.04.

The top gainers included British American Tobacco (M) Bhd, Time Dotcom Bhd, UMW Holdings Bhd, SapuraKencana Petroleum Bhd, Hong Leong Bank Bhd, Pharmaniaga Holdings Bhd, Only World Group Holdings Bhd, AMMB Holdings Bhd and My E.G. Services Bhd.

Asian stocks took cues from a global surge in equities and rose on Thursday, while the dollar was on the defensive after weak U.S. economic data, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.4 percent. South Korean and Australian stocks gained, while Japan's Nikkei stood flat, it said.

JF Apex Securities Research in a market preview today said US markets rose on higher oil price after Energy Information Administration (EIA) reported a lower-than-expected increase in oil inventory.

The research house said investors also cheered on positive corporate earnings and improvement in residential real estate.

Similarly, it said European stocks gained after European Central Bank kept interest rate unchanged at a record low of 0.05 per cent.

“Back home, the FBM KLCI surrendered earlier gains to close 0.52 points higher at 1840.13 points.

“Following the bullish sentiment in the US, we expect the KLCI to rise today and test on its immediate resistance of 1845 points,” it said.