KLCI edges up in cautious trade

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KUALA LUMPUR (Nov 6): The FBM KLCI edged up in early trade on Thursday, in line with the small gains at most regional markets.

At 9.02am, the FBM KLCI added 1.15 points to 1,840.44.

The early gainers included British American Tobacco (M) Bhd, United Plantations Bhd, Carlsberg Brewery (M) Bhd, Press Metal Bhd, MPHB Capital Bhd, Hartalega Holdings Bhd, SapuraKencana Petronleum Bhd, Gamuda Bhd, Tien Wah Holdings Bhd and IFCA MSC Bhd.

Regionally, Asian shares eked out small gains and the dollar was riding high on Thursday after generally solid U.S. economic data and expectations of business-friendly policies following the Republican Party's election victory helped Wall Street shares to finish at a record high, according to Reuters.

The euro was holding near two-year lows although the common currency could see a rebound if European Central Bank chief Mario Draghi scales back his readiness for more stimulus given reports of internal opposition to quantitative easing, it said.

Hong Leong IB Research in a market preview Thursday said that after falling 18 pts in three straight sessions, the FBM KLCI may stage a mild technical rebound today, thanks to an overnight record close from Dow and potential for further rebound in oil prices.

“However, any rebound could be capped near 1850 (200-d SMA) and downtrend line at 1860 zones, given the weak technical landscape and ahead of the Bank Negara meeting today coupled with the ongoing November reporting season,” it said.