Limited gains as KLCI stays on consolidation mode

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opening_market_up_theedgemarkets

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KUALA LUMPUR (Nov 13): The FBM KLCI notched up limited gains in ealy trade on Thursday as regional markets slipped after the lower overnight close at Wall Street ahead of economic data due to be released in China.

At 9.01am, the FBM KLCI rose 1.71 points to 1,817.95.

The top gainers included United Plantations Bhd, Tenaga Nasional Bhd, Yong  Tai Bhd, UMW Holdings Bhd, Guiness Anchor Bhd, Telekom Malaysia Bhd, Pestech International Bhd and Yinson Holdings Bhd.

Regionally, Asian shares slipped slightly on Thursday as investors looked to a run of Chinese economic indicators due later in the day, while Wall Street shares ended a five-day winning streak as falling oil prices hurt energy stocks, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked down 0.1 percent with resource-heavy Australian shares falling 0.5 percent, it said.

BIMB Securities Research in a market preview Thursday said that in Asia, key major indices ended higher on Wednesday with China stocks hitting three-year high led by gains in brokerage stocks, while the Taiwanese market fell on expectations that a China-South Korea free- trade agreement could pressure the island’s exporters.

Meanwhile, it said the local market ended lower as the FBM KLCI shredded 8.87 points or 0.49% to 1,816.240 as trading sentiment was muted by lack of fresh catalyst.

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

“We reckon the local market to remain on consolidation stage with the index hovering in the region of 1,815-20,” it said.