KLCI up marginally in early trade, tracking regional market gains

KLCI up marginally in early trade, tracking regional market gains
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KUALA LUMPUR (May 7): The FBM KLCI was up marginally by 0.06% in early trade, tracking muted gains of its Asian peers.

The benchmark index was up by 0.96 point at 1,579.27 points.

The top gainer this morning was Malaysian Pacific Industries Bhd, up 84 sen or 2.19% at RM39.18, while the top loser was Heineken Malaysia Bhd, shedding 10 sen or 0.4% to RM25.20.

Meanwhile, the most active counter was Alam Maritim Resources Bhd, which was unchanged at eight sen and saw 10.96 million shares changing hands.

Bloomberg reported that Asian stocks opened slightly higher after US indices gained on positive economic data. The US dollar held its losses.

"Shares edged up in Japan, South Korea and Australia. US contracts were in the green after rallies in US benchmarks overnight, which included a fresh record for the Dow Jones Industrial Average. Treasuries held steady, with the 10-year yield hovering at 1.57%, well below recent highs.

"Investors will be watching for weakness at China’s open after Bloomberg News reported that the Biden administration is likely to preserve limits on US investments in certain Chinese companies," it reported.

Meanwhile, in a note today, Rakuten Trade's research team said: "We expect the local market to remain in consolidation mode due to a lack of catalysts and expect the KLCI to hover in the range of 1,575-1,585."