KLCI edges up in early trade, gains seen limited

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KUALA LUMPUR (Oct 3): The FBM KLCI edged up in early trade on Friday, lifted by select blue chips while Asian markets started on a defensive note.

At 9.10am, the FBM KLCI added 3.92 points to 1,841.60.

Gainers led losers by 154 to 84, while 192 counters traded unchanged, volume was 113.12 million shares valued at RM41.89 million.

The top gainers included BAT, ML Global. Hong Leong Bank, UMW, KSL. Coastal Contrtacts warrant, Vitrox and Dana Infra.

Regionally, Asian stocks were on the defensive on Friday despite a late bounce on Wall Street with sentiment staying fragile as the civil unrest in Hong Kong and caution ahead of a closely watched U.S. jobs report kept investors on edge, accodring to Reuters.

The European Central Bank did little to cheer investors on Thursday after it gave no new hints of an imminent sovereign bond buying programme and fell short of market expectations for greater details on its plan to buy secured debt, it said.

JF Apex Research said the FBM KLCI dropped 7.64 points to 1837.68 points on Thursday.

“Asian equities are set to extend losses on the final trading day of the week ahead of key U.S. jobs data with Hong Kong markets in focus following a two-day holiday.

“We expect the KLCI to test its support at 1830 points,” it said.