Thursday 28 Mar 2024
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KUALA LUMPUR (March 6): The FBM KLCI edged up in early trade on Friday but gains are seen limited in the absence of positive domestic leads.

At 9.02am, the FBM KLCI was up 0.77 points to 1,806.86.

The early gainers included Petronas Dagangan Bhd, United Plantations Bhd, Guiness Anchor Bhd, Lafarge Malaysia Bhd, Sime Darby Bhd, Kulim (M) Bhd, LTKM Bhd, Genting Bhd, Genting Malaysia Bhd and IHH Healthcare Bhd.

The dollar was in high demand in Asia on Friday as bulls wagered a looming U.S. jobs report would add to the chance of rate hikes there, even as the European Central Bank embarks on a trillion euro campaign of bond-buying, acciording to Reuters.

The same balance of risks kept equity investors cautious with MSCI's broadest index of Asia-Pacific shares outside Japan down a tiny 0.02 percent.

Australia's main index was all but flat, while Nikkei futures pointed to a slight opening gain, said Reuters.

JF Apex Securities Research in a market preview Friday said US market rebounded on Thursday after yesterday’s heavy losses with investors are now eyeing tomorrow’s non-farm payrolls report for future market guidance.

Meanwhile, it said European equities ended higher on Thursday after the European Central Bank (ECB) set a start date for its bond-buying program and upped economic growth forecasts for the euro zone.

“On the local front, the FBM KLCI ended 19.45 points lower at 1806.09 yesterday on the back of selling in heavyweight counters.

“We expect the local bourse to trade sideway today in line with other Asian markets as investors await for the release of US job data amid absence of positive leads,” it said.

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