KLCI edges up as select blue chips lift

-A +A

KUALA LUMPUR (April 1): The FBM KLCI opened higher on the first trading day of the second quarter of 2015, lifted by select blue chips including Tenaga Nasional Bhd and Public Bank Bhd.

At 9am, the FBM KLCI was up 0.57 points to 1,831.35.

The top gainers in early trade included Tenaga Nasional Bhd, Public Bank Bhd, Bursa Malaysia Bhd, V. S. Industry Bhd, Lafareg Malaysia Bhd, IHH Healthcare Bhd, Muhibbah Engineering Bhd, Subur Tiasa Holdings Bhd, Gamuda Bhd and Astro Malaysia Holdings Bhd.

Asian stocks sagged on Wednesday, taking their lead from weaker U.S. shares, while the dollar held to sizeable gains against a euro dogged by nerves over Greek debt negotiations. Crude oil prices continued declining as negotiations between Iran and world powers over nuclear technology with potential supply implications dragged on beyond a deadline, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 percent. Japan's Nikkei lost 0.3 percent and South Korean and Australian shares also dipped, it said.

BIMB Securities Research in a market preview today said that in Asia, stocks were mixed on Tuesday with an upward bias as foreign funds may be returning.

Locally, it said the FBM KLCI gained 8.95 points to 1,830.78 as foreign funds continue to mop up the blue chips.

“Yesterday saw another net foreign inflow of RM263.4 million as inflows are becoming more evident now.

“We expect to see foreign funds to boost the local bourse as we still maintain our 2015 target at 1,850 for now.

“Meanwhile as we enter into a GST era today, expect some confusion which may affect domestic sentiments over the next few months,” it said.