KLCI edges up, but gains seen limited

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KUALA LUMPUR (June 3): The FBM KLCI edged up at mid-morning today, lifted by select blue chips, but gains are seen limited.

At 10.02am, the FBM KLCI rose 3.23 points to 1,744.60.

The top gainers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Cocoland Holdings Bhd, Y&G Corporation Bhd, Pharmaniaga Holdings Bhd, Sime Darby Bhd, Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, APM Automotive Bhd and Gnting Plantations Bhd.

The actives included KNM Group Bhd, Systech Bhd, Frontken Corporation Bhd, Perisai Petroleum Teknologi Bdh, ECM Libra Financial Group Bhd, Privasia Technology Bhd and Scanwolf Corporation Bhd.

The top losers included Dutch Lady Milk Industries Bhd, Aeon Credit Services (M) Bhd, CN Asia Corporation Bhd, PPB Group Bhd, UMW Holdings Bhd and United Plantations Bhd.

Equity markets in Asia slipped early on Wednesday as a widespread spike in debt yields dented the allure of risky assets, while the euro stood tall after surging on upbeat euro zone inflation data and hopes that Greece will reach a deal with its creditors, according to Reuters.

Japan's Nikkei lost 0.6 percent while Australian shares shed 0.5 percent and South Korea's Kospi dipped 0.1 percent, it said.

JF Apex Securities Research said US markets ended slightly lower after mixed economic results with higher auto sales and lower factory orders.

Meanwhile, it said European stocks closed lower following concerns on Greece meeting its debt deadline this Friday.

“On the local market, the FBM KLCI declined 2.04 points to 1741.37 points following a last minute drop.

“We expect the lackluster performance to continue with support at 1,730 points,” it said.