KLCI ticks up as Tenaga and Genting lift

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KUALA LUMPUR (Aug 8): The FBM KLCI ticked up in early trade this morning,lifted by gains including at Tenaga Nasional Bhd and Genting Bhd, against the backdrop of muted regional markets.

At 9.05am, the FBM KLCI was up 2.41 points to 1,607.11.

The gainers included Tenaga, Petronas Gas Bhd, Fraser & Neave Holdings Bhd, LPI Capital Bhd, BIMB Holdings Bhd, British American Tobacco (M) Bhd, Genting, Press Metal Aluminium Holdings Bhd, Asia File Corp Bhd and Telekom Malaysia Bhd.

Asian stocks looked set for a muted open as investors assessed the implications of the latest central bank moves to bolster growth. U.S. equities and benchmark Treasury yields mounted a turnaround late in the day, reversing sharp declines, according to Bloomberg.

Japanese futures rose, while they dipped in Australia and were little changed in Hong Kong. Earlier, the S&P 500 Index recovered from a decline of as much as 2% to eke out a modest gain. Yields on 10-year Treasuries edged higher after an earlier retreat. Currency markets were volatile after rate cuts in New Zealand, India and Thailand, it said.

Kenanga IB Research said Asian markets mixed with few rebounded due to heavy oversold for the past few days and White House assurance to press ahead with negotiation.

Back home, the FBM KLCI slipped by 7.09 points (-0.44%) to close at 1,604.70. 

The research house said chart-wise, the index continues its downward movement amid trade tension and lack of market catalyst.

“On major outlook, bearish sentiment remains intact in tandem with uninspiring key technical indicators.

“Key support levels can be found at 1,600 (S1) and 1,570 (S2) should the index trend lower. Conversely, overhead resistance levels can be seen at 1,630 (R1) and 1,650 (R2),” it said.