KLCI edges up marginally, gains seen limited

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KUALA LUMPUR (May 28): The FBM KLCI edged up marginally at mid-morning today but gains at the local bourse are seen limited.

At 10am, the FBM KLCI added 0.74 points to 1,755.79.

The top gainers included Nestle Malaysia Bhd, Panasonic Malaysia Manufacturing Bhd, Danainfra Nasional Bhd, Public Bank Bhd, Tahps Group Bhd, Heitech Padu Bhd, Sin Hock Leong Bhd, United Plantations Bhd, Genting Bhd and Pharmaniaga Holdings Bhd.

The actively traded stocks included Xinghe Holdings Bhd, Opensys (M) Bhd, Frontken Corporation Bhd, AirAsia X Bhd, AirAsia Bhd, Icon Offshore Bhd and Kanger International Bhd.

The decliners included Suoer Enterprise Holdings Bhd, MISC Bhd, Latitude Tree Holdings Bhd, MMC Corporation Bhd, British American Tobacc (M) Bhd, Hong Leong Bank Bhd and LPI Capital Bhd.

Asian shares edged up on Thursday on vague hopes of a rescue deal for Greece while the dollar was at the helm in currency markets on expectations that the U.S. Federal Reserve will raise rates later this year, according to Reuters.

Japan's Nikkei rose 0.6 percent while MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent, with South Korean shares leading the gain with a rise of 0.5 percent, it said.

Hong Leong IB Research said that technically, the “Spinning Top” followed by small hammer candlesticks could imply potential reversal signal from grossly oversold positions, after sliding 6% or 112 points from year-to-date high of 1867.5.

“However, any rebound is likely to be capped near 1790-1800 levels as sentiment remains fragile amid external and internal uncertainties,” it said.