KLCI edges up, gains seen limited

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KUALA LUMPUR (April 2): The FBM KLCI edged up in early trade today in line with the meagre gains at most regional markets, but the advance is seen as limited given lack of fresh local catalysts.

At 9.02am, the FBM KLCI gained 0.76 points to 1,827.07.

The top gainers in early trade included British American Tobacco (M) Bhd, Super Enterprise Holdings Bhd, Public Bank Bhd, Bursa Malaysia Bhd, UMW Holdings Bhd, Malaysia Airports Holdings Bhd, Favelle Favco Bhd, GD Express Carrier Bhd and AMMB Holdings Bhd.

Asian shares edged up in early trade on Thursday, but gains were tempered by weak U.S. private sector employment and manufacturing data that raised concerns ahead of Friday's key employment figures, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.2 percent in cautious trade, shrugging off modest overnight losses on Wall Street, it said.

In a market preview today, Hong Leong IB Research said given the lack of catalysts and internal concerns such as GST uncertainties, depressed RM and oil prices, potential downgrade by Fitch, 1MDB huge debt saga and overbought slow stoachastic indicator, KLCI will extend its consolidation for a while.

“Key supports are 1800-1811 whilst resistances fall on 1834-1843 levels,” it said.