KLCI edges up in line with regional markets, blue chips lift

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KUALA LUMPUR (Nov 26): The FBM KLCI edged up in early trade on Wednesday, in line with the advance at most regional markets, lifted by select blue chips including Petronas-linked stocks and Genting.

At 9am, the FBM KLCI rose 1.96 points to 1,840.52.

The top gainers included British American Tobacco (M) Bhd, Petronas Gas Bhd, Lysaght, Dutch Lady Milk Industries Bhd, Gas Malaysia Bhd, Malaysia Airports Holdings Bhd, Genting Bhd, Ta Ann Resources Bhd,Petronas Dagangan Bhd, Press Metal Bhd and Sime Darby Bhd.

Regionally, Asian stocks edged up on Wednesday after data showing the U.S. economy growing at a relatively solid pace calmed investor anxiety over slowing global growth, while the Australian dollar languished near four-year lows against the dollar, according to Reuters.

Oil prices were also under pressure as major oil producing nations failed to agree on curbs to output ahead of an OPEC meeting on Thursday, it said.

JF Apex Securities Research in a market preview Wednesday said U.S. stocks finished little changed overnight, with the S&P 500 wavering around its peak, as data had the economy growing more than previously forecast in the third quarter, offsetting an unexpected drop in consumer confidence in November.

Meanwhile, it said European shares closed flat to higher as investors digested revised third quarter gross domestic product (GDP) data from the U.S., which showed the economy grew more than previously thought.

“On the local market, the FBM KLCI gained 4.79 points to 1838.56 points.

“We expect the index to consolidate around the support of 1835 points,” it said.