KLCI rises in line with region, takes cue from Nasdaq record close

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opening_market_up_theedgemarkets

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KUALA LUMPUR (April 24): The FBM KLCI rose in early trade in line with most regional markets, taking its cue from the firm overnight close of the Nasdaq index at Wall Street.

At 9am, the FBM KLCI rose 6.91 points to 1,852.99.

The top gainers included Tecnic Group Bhd, United Plantations Bhd, Kuala Lumpur Kepong Bhd, Hong Leong Financial Group Bhd, Cycle & Carriage Bintang Bhd, Petronas Gas Bhd, British American Tobacco (M) Bhd, AMMB Holdings Bhd and SapuraKencana Petroleum Bhd.

An index of Asian shares rose on Friday, on track for a weekly gain as a fresh record for the Nasdaq helped nudge it toward seven-year highs, while the dollar marched in place after more lacklustre U.S. economic data, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 percent, moving back toward a seven-year intraday high touched in the previous session. Japan's Nikkei stock index was down 0.3 percent in early trade, after hitting a 15-year peak on Thursday, it said.

BIMB Securities Research in a market preview today said that Asian markets were rather mixed yesterday as those within the SEA region closed mostly lower from some foreign selling.

It said that locally the FBM KLCI was 8.69 points lower at 1,846.08 attributed to some selling from the foreign funds.

“Despite a net foreign outflow of RM18.7 million yesterday, there was still a net inflow of foreign funds amounting RM118 million so far this week.

“The consolidation of the local bourse may continue but we expect some nibbling of stocks today and may see the index to re-test the 1,850 again,” it said.