KLCI stages mild rebound, gains seen capped

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KUALA LUMPUR (Aug 15): The FBM KLCI staged a mild rebound in early trade this morning, lifted by select blue chips but any gain is seen capped.

At 9.05am, the FBM KLCI added 1.51 points to 1,785.29.

The gainers included Petronas Dagangan Bhd, Choo Bee Metal Industries Bhd, Tan Chong Motor Holdings Bhd, Hengyuan Refining Company Bhd, Lingkaran Trans Kota Holdings Bhd, ViTrox Corp Bhd, Elsoft Research Bhd, Hap Seng Consolidated Bhd, Hai-O Enterprise Bhd and Hong Leong Financial Group Bhd.

Asian stocks sagged on Wednesday, failing to track Wall Street's gains and with the dollar near a 13-month high as concerns about Turkey's financial crisis weighed on investor appetite, despite the lira's move away from an all-time low, according to Reuters.

The lira--which plummeted to a record low of 7.24 to the dollar at the week's start, rattling global markets--stood little changed at 6.375 after rebounding nearly 8 percent overnight, it said.

JF Apex Securities Research in a market preview said US markets rose overnight as the Turkish lira rebounded 8% from its record low.

It said that earlier, European stocks ended flat despite easing concerns on Turkey's economic crisis.

“On the local market, the FBM KLCI ended flat after adding 0.44 points to 1783.78 points.

“Following the improved sentiment in global markets, the FBM KLCI is expected to climb towards the psychological level of 1800 points,” it said.