KLCI up in early trade, Petronas stocks, banks up
KUALA LUMPUR: Petronas-related companies and banks led the FBM KLCI marginally higher in early trade on Monday but key regional markets were cautious.
At 9.03am, the FMB KLCI was up 0.45 of a point to 1,698.98. Turnover was 22.06 million shares valued at RM10.59mil. There were 69 gainers, 47 losers and 85 counters unchanged.
Reuters reported Asian shares fell after global equities and commodities slumped late last week on weak U.S. growth and rekindled worries in the euro zone, turning investor sentiment cautious ahead of a batch of Chinese data due later in the day
At Bursa Malaysia, Hwang DBS Vickers Research said the KLCI, after gaining 71.6 points or 4.4% in three weeks, could pause for a breather ahead.
"On the downside, we have set the first two support levels at 1,680 and 1,655, respectively. Beyond the short-term consolidation, the key market barometer could be eyeing to challenge the resistance line of 1,720 again," it said.
BAT was the top gainer, rising RM1.28 to RM65.58 with just 300 shares done. PetGas added 14 sen to RM19.04 and PetDag 12 sen to RM23.58 in thin trade.
Among the banks, Hong Leong Bank rose six sen to RM14.50, Public Bank-foreign and RHB Capital six sen each to RM16.40 and RM8.58.
There was some mild profit taking on Carlsberg, down 16 sen to RM14.10 with just 300 shares done, Genting Malaysia fell six sen tp RM3.64 and Bumi Armada five sen to RM3.83.