KLCI notches up limited gains, profit taking may halt advance

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opening_market_up_theedgemarkets

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KUALA LUMPUR (Feb 17): The  FBM KLCI notched up limited gains in early trade on Tuesday, as investors remained on the sidelines ahead of the extended weekend for the Lunar New Year holidays.

At 9.05am. the FBMKLCI was up 1.02 points to 1,809.91.

The early gainers included Batu Kawan Bhd, Petronas Dagangan Bhd, United Plantations Bhd, Hong Leong Financial Group Bdj, Pestech International Bhd, Tenaga Nasional Bhd, KPJ Healthcare Bhd and AMMB Holdings Bhd.

U.S. stock futures and the euro tumbled in early Asian trade on Tuesday after talks between Greece and euro zone finance ministers broke down when Athens rejected a proposal to request a six-month extension of its international bailout programme.

U.S. stock futures fell to $2,082, about 0.8 percent below its levels on Monday just before the news of euro zone finance ministers' meeting hit the wire.

BIMB Securities Research in a market preview Tuesday said that in Asia, key indexes ended mostly positive on Monday with Japanese stocks marked their highest closing level in nearly eight years as data showed the nation’s economy pulled out of recession. Chinese markets also finished higher, with both Hong Kong and Shanghai markets adding to recent gains.

Locally, it said the FBM KLCI ended higher, added 7.94 points to close at 1,808.89, lifted by O&G and banking counters.

“Trading participation saw net selling by foreign institutions and local retail while local institutions were net buyers.

“We expect the local market to remain flat today due to lack of fresh catalysts with the index hovering in the region 1,805-1,815,” it said.