KLCI edges up but not out of woods yet

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KUALA LUMPUR (March 13): The FBM KLCI shrugged off its early losses and edged up at mid-morning on Friday, but still faces stiff resistance going forward.

At 10am, the index was up 0.74 points to 1,787.61. It had earlier dipped to 1,784.15.

The top gainers included Nestle (M) Bhd, Amway (M) Holdings Bhd, KLCC Property Holdings Bhd, PPB Group Bhd, IQ Group Holdings Bdh, MISC Bhd and MBM Reources Bhd.

The actives included Genetec Technology Bhd, Wintoni Group Bhd, Eti Tech Corporation Bhd, Asia Media Bhd, Xinghe Holdings Bhd and Privasia Technology Bhd.

The top losers included British American Tobacco (M), Hong Leong Capital Bhd, UMW Oil and Gas Corporation Bhd, LTKM Bhd, UMW Holdings Bhd, Hartalega Holdings Bhd and Karex Bhd.

Asian shares shook off early losses on Friday, underpinned by overnight gains on Wall Street, while the dollar steadied after its recent rally ran out of steam on disappointing retail sales data, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.1 percent on the day. It was well off 7-week lows plumbed earlier in the week but still on track for a weekly loss of around 2 percent, it said.

Hong Leong IB Research said following a 8.7-point rebound yesterday and Dow’s overnight 1.5% gain, the FBM KLCI may test 1790-1800 resistance levels but stiff resistances remain near 1813-1826 zones.