KLCI edges up but gains seen limited on hesitant global sentiment

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KUALA LUMPUR (April 14): The FBM KLCI edged up in early trade but gains are seen limited on hesitant global sentiment.

At 9am, the FBM KLCI rose 3.43 points to 1,845.51.

The early gainers included MISC Bhd, Telekom Malaysia Bhd, Pestech International Bhd, Public Bank Bhd, IJM Plantations Bhd, Karex Bhd, BIMB Holdings Bhd, Tenaga Nasional Bhd and Lafarge Malaysia Bhd.

Asian share markets got off to a hesitant start on Tuesday as Singapore disappointed expectations of policy easing while Wall Street was weighed down by worries over the corporate earnings season, according to Reuters.

The Monetary Authority of Singapore (MAS) kept its policy unchanged, contrary to the expectation of majority of 25 analysts polled by Reuters. The central bank's announcement lifted the local dollar, it said.

BIMB Securities Research in a market preview today said key Asian markets ended mostly higher yesterday with Hong Kong and Shanghai stocks continued to rally despite weaker-than-expected Chinese export data while Japan's Nikkei ended flat in choppy trading as investors pocketing gains in major stocks.

Locally, it said the FBM KLCI ended lower, falling 2.23 points to 1,842.08, dragged down by healthcare, telco and gaming counters.

“Trading participation saw net buying by local and foreign institutions while local retail were net sellers.

“We expect the local market remain sideways due to lack of fresh catalysts with immediate resistance at 1,850 while support at 1,835,” it sai