KLCI rises as select blue chips lift, regional markets stay lacklustre

KLCI rises as select blue chips lift, regional markets stay lacklustre
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KUALA LUMPUR (Feb 19): The main index at Bursa Malaysia rose in early trade on Friday, against the backdrop of lacklustre regional markets, as select blue chips lifted.

At 9.05am, the FBM KLCI was up 4.24 points to 1,580.08.

The early gainers included Nestle (Malaysia) Bhd, Greatec Technology Bhd, Kuala Lumpur Kepong Bhd (KLK), MR DIY Group (M) Bhd, Petronas Dagangan Bhd (PetDag), Toyo Ventures Holdings Bhd, Telekom Malaysia Bhd (TM), Press Metal Aluminium Holdings Bhd and Petronas Gas Bhd (PetGas).

Bloomberg said Asian stocks opened with declines as investors assess how rising borrowing costs could impact the equity rally.

Treasuries retained losses, it said.

JF Apex Research said US markets declined overnight as the rally to record highs fizzled following concerns over rising interest rates and inflation as well as worse-than-expected jobless claims data.

It said that earlier, European stocks tumbled amid corporate earnings and US jobs data.

“On the local market, the KLCI plunged 19.45 points or 1.22% to 1,575.84 points.

“Following the bearish performance in Wall Street, the KLCI could extend its selldown towards the support of 1,550 points,” it said.