KUALA LUMPUR (July 24): The FBM KLCI started on a flat note this morning and is seen moving sideways following the mixed overnight performance at most global markets.
Newly listed Radiant Globaltech Bhd (Radiant) got off to a bright start and was the most active and top gainer in early trade.
At 9.05am, the FBM KLCI added 0.77 points to 1,758.73.
The early gainers included Radiant Globaltech Bhd, Heineken Malaysia Bhd, PPB Group Bdh, Cycle & Carriage Bintang Bdh, ViTrox Corp Bhd, Freight Management Holdings Bhd, KESM Industries Bhd, Malaysia Airports Holdings Bhd, Petronas Gas Bhd and Supermax Corp Bhd.
Asian stocks climbed Tuesday, after their U.S. counterparts closed higher and as rising yields boosted financials. Ten-year Treasury yields held around the highest level in more than a month, according to Bloomberg.
Equity benchmarks in Tokyo, Seoul and Sydney opened higher, while futures on Hong Kong’s Hang Seng showed a modest gain. Treasuries held losses from the past two days, with the declines coinciding with speculation that the Bank of Japan may consider fine-tuning its stimulus programs — a reminder that the direction of major central banks is toward taking back quantitative easing. Higher longer-dated bond yields in turn has boosted bank and insurance shares. Elsewhere, crude oil held below $68 a barrel in New York, it said.
JF Apex Securities Research in a market preview said US markets ended mixed with the Dow closing slightly lower while technology counters lifted the S&P and Nasdaq.
It said that earlier, European stocks declined after announcement of corporate earnings.
“On the local market, the FBM KLCI gained 3.29 points to 1757.96 points on better market sentiment underpinned by higher retail participation.
“Following the mixed performance in the US and Europe, the FBM KLCI could hover sideways above the support of 1750 points,” it said.
Source: The Edge