KLCI edges up as regional markets stay cautious

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KUALA LUMPUR (Aug 5): The FBM KLCI edged up marginally at mid-morning today, lifted by select blue chips against the backdrop of a cautious regional sentiment.

At 10am, the FBM KLCI was up 3.36 points to 1,727.09.

The top gainers included DanaInfra Nasional Bhd, MISC Bhd, VS Industry Bhd, Petronas Gas Bhd, Genting Plantations Bhd, Top Glove Corporation Bhd, Lafarge Malaysia Bhd, KLCC Property Bhd, Hunza Property Bhd, Maxis Bhd and PPB Group Bhd.

The top actives included Globaltec Formation Bhd, Pesona Metro Holdings Bhd, Sumatec Resources Bhd, Tiger Synergy Bhd, Sunway Construction Group Bhd, Perwaja Holdings Bhd and APFT Bhd.

The top losers included Petronas Dagangan Bhd, Teo Seng Capital Bhd, Boustead Holdings Bhd, Bursa Malaysia Bhd, Tenaga Nasional Bhd, DKSH (M) Holdings Bhd, Genting Bhd, Latitude Tree Holdings Bhd and LTKM Bhd.

Asian shares markets got off to a watchful start on Wednesday as the mounting risks of a hike in US interest rates as early as next month lifted the dollar and sovereign bond yields, pressuring currencies across the region, according to Reuters.

Moves were minor with Japan's Nikkei off 0.1% and South Korea's KOSPI up 0.1%. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.3%, it said.

Hong Leong IB Research said lack of fresh catalysts and investors’ confidence amid lingering local concerns and external risks (tapering global growth and bearish commodities prices) coupled with the FBM KLCI’s failure to stay decisively above immediate overhead resistance of 1,738.7 (2 July high) suggests that a prolonged consolidation is imminent.

“Short-term key resistances are situated at 1,746 (61.8% FR), 1,750 and 1,769 (50% FR) levels while supports are at 1,717 (76.4% FR), 1,700 and 1,685 (9 July low),” it said.