KLCI edges up in line with regional markets

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opening_market_up_theedgemarkets

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KUALA LUMPUR (April 21): The FBM KLCI edged up in early trade today in line with the gains at most regional markets.

At 9am, the FBM KLCI rose 2.05 points to 1,850.71.

The top gainers included Kuala Lumpur Kepong Bhd, Hong Leong Bank Bhd, PPB Group Bhd, Seven Eleven Malaysia Holdings Bhd, Genting Bhd, Signature International Bhd, AMMB Holdings Bhd, Prestariang Bhd and BIMB Holdings Bhd.

Asian stocks were firm on Tuesday after China's latest step to prop up its faltering economy lifted global equities, while the euro was pressured on growing worries a cash-strapped Greece may default on its debt, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was steady, with the dollar's gains against some Asian currencies offsetting a rise in stock prices in local currency terms, it said.

BIMB Securities Research in a markte preview today said that in Asia, stocks were mostly in the negative territory yesterday following China’s move to clampdown on margin financing.

It said that as a result, the Hang Seng was down 2.02% while the Shanghai CI and Shenzhen CI lost 1.99% and 1.64% respectively.

“On the contrary, the FBM KLCI closed the day higher at 1,848.66 (+2.80) despite some profit taking from the foreign funds which saw a net outflow of RM57.2 million yesterday.

“We would expect the local bourse to continue trending on a narrow range of 1,845/50 and may see the index to re-test the 1,850 threshold today,” it said.