Select blue chips lift KLCI in early trade

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KUALA LUMPUR (May 22): The FBM KLCI rose in early trade today, lifted by select blue chips in line with the gains at most regional markets.

At 9am, the FBM KLCI rose 3.39 points to 1,798.33.

The top gainers included United Plantations Bhd, Petron Malaysia Bhd, Petronas Dagangan Bhd, Bursa Malaysia Bhd, Hong Leong Financial Group Bhd, Kuala Lumpur Kepong Bhd, UMW Holdings Bhd and PPB Group Bhd.

Asian shares rose early on Friday after Wall Street set another record high with prospects for a Federal Reserve rate hike in June all but quashed, while the dollar steadied after losing ground to the euro for the first time this week on downbeat U.S. data, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent with South Korean and Australian shares edging higher, it said.

JF Apex Securities Research in a market preview today said US markets closed higher with the Nasdaq ending near record high levels.

Similarly, it said European stocks climbed following stronger Euro and European Central Bank's minutes of meeting indicating continuous quantitative easing.

“Back home, the FBM KLCI tumbled 15.07 points to 1795.04 points.

“Following the bullish performance in the US, the KLCI might stage a rebound with support seen at 1780 points. Investors will be eyeing Bank on Japan's monetary policy decision after its meeting today,” it said.