KLCI edges up as select blue chips lift

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KUALA LUMPUR (Feb 9): The FBM KLCI edged up in early trade on Monday despite the tepid sentiment at most regional markets.

At 9am, the FBM KLCI gained 2.37 points to 1,815.62.

The top gainers included Nestle (M) Bhd, Public Bank Bhd, Pos Malaysia Bhd, Tenaga Nasional Bhd, Petronas Dagangan  Bhd, Guiness Anchor Bhd, Petronas Gas Bhd and Vitrox Corporation Bhd.

Asian shares wobbled on Monday after dismal Chinese trade data eclipsed a strong U.S. jobs report, raising concerns about a deepening slowdown in the world's second-largest economy and sending the Australian dollar sliding, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3 percent with Australian shares down 0.5 percent in early trade. U.S. stock futures also shed 0.4 percent, it said.

JF Apex Securities Research in a market preview Monday said U.S. stocks closed down on Friday amid continued concerns over Greece and a strong jobs report that renewed the possibility of an earlier Fed rate hike.

Similarly, it said European equities dipped lower after strong U.S. jobs data and the markets digested the outcome of talks between Greece and Germany over the future of its bailout program.

“The FBM KLCI index gained 10.04 points or 0.56% on Friday to close at 1813.25 points.

“We expect the local benchmark index to hover below our resistance level of 1,830 points as investors would trade cautiously in relation to poor finish in overseas markets, weak trade data in China and lingering worries on talk between Greece and ECB for the bailout program,” it said.