KLCI edges up in line with region, gains seen limited

TheEdge Mon, Jun 10, 2019 09:14am - 4 years View Original


KUALA LUMPUR (June 10): The FBM KLCI rose in early trade Monday, tracking regional markets, but gains were seen limited.

At 9.10am, the FBM KLCI was up 3.91 points to 1,653.24.

The early gainers included Nestle (M) Bhd, Tenaga Nasional Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Muhibbah Engineering (M) Bhd, Genting Bhd, Malaysia Airports Holdings Bhd, Pintaras Jaya Bhd and Hengyuan Refining Company Bhd.

Asian stocks and U.S. equity futures climbed on Monday after President Donald Trump suspended his plans for tariffs on Mexico. Treasuries dropped and the yen retreated as demand for havens sank, according to Bloomberg.

The Mexican peso jumped the most in almost a year after the U.S.-Mexico agreement that was unveiled late Friday. Japanese and South Korean stocks climbed, as did crude oil prices. Chinese markets will re-open after a holiday Friday, when People’s Bank of China Governor Yi Gang said in an interview that there’s “tremendous room” to ease monetary policy if the trade war deepens. Australia’s markets are closed for a holiday Monday.

CIMB Retail Research said the KLCI closed 1.43 points lower week-on-week as overall sentiment remained muted during the holiday-shortened week.

The research house said that in addition, the ongoing global trade tensions also kept local market on edge.

“Both local index-linked and lower liners stocks could potentially do well today given that the speculation over the US Fed rate cut may create some excitement in Asian stock markets.

“This week, if the FBMKLCI index goes up and takes out the 1,657 high, then the index may face a critical resistance level at the 1,670-1,680 zones.

“Despite the near-term excitement, we opine that cautious sentiments may still prevail given the uncertainties over the external and internal headwinds. Resistance: 1,657 & 1,670. Support: 1,633 & 1,628,” it said.

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