KLCI edges up but stays shy of 1,800 level

-A +A

KUALA LUMPUR (Oct 2): The FBM KLCI edged up at mid-morning today but stayed shy of the crucial 1,800-point level.

At 10am, the FBM KLCI was up 2.58 points to 1,795.04.

Gainers led losers by 267 to 241, while 319 counters traded unchanged. Volume was 844.17 million shares valued at RM312.49 million.

The gainers included United Plantations Bhd, Petron Malaysia Refining & Marketing Bhd, Hong Leong Industries Bhd, Panasonic Manufacturing Malaysia Bhd and Serba Dinamik Holdings Bhd.

The actives included Sapura Energy Bhd, Perdana Petroleum Bhd, Reach Energy Bhd, Hibiscus Petroleum Bhd, Nova MSC Bhd, Dagang NeXchange Bhd, Orion IXL Bhd and Velesto Energy Bhd.

The decliners included Nestle (M) Bhd, British American Tobacco (M) Bhd, Hartalega Holdings Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Asian stocks were steady on Tuesday as Japanese equities rose to a fresh 27-year high while crude oil prices were elevated in the afterglow of an agreement that salvaged a North American free trade deal, according to Reuters.

The United States and Canada forged a last-minute deal on Sunday to salvage NAFTA as a trilateral pact with Mexico, rescuing a three-country, US$1.2 trillion open-trade zone that had been about to collapse after nearly a quarter century, it said.

Hong Leong IB Research in a traders' brief said the sentiment has turned fairly bullish following the replacement of NAFTA agreement, buying support should return and most of the major indexes should trend positively over the near term.

"Energy shares are likely to be focused as well with the Brent oil prices hovering steadily above US$80.

"With the solid overnight performance on Wall Street coupled with the positive agreement between US and Canada, we anticipate some spillover of buying interest towards stocks on the local front.

"Also, we extend our optimism on the trading activities amongst oil and gas stocks due to the firm Brent oil prices," it said.