KLCI edges marginally higher, gains seen capped


(Aug 10): The FBM KLCI edged marginally higher in early trade this morning, against the weaker opening at most regional markets, but gains at the local bourse were seen capped.

At 9.05am, the FBM KLCI was up 1.41 points to 1,806.36.

The early gainers included British American Tobacco (M) Bhd, ViTrox Corp Bhd, Hong Leong Industries Bhd, Airports Holdings Bhd, Petronas Chmeicals Group Bhd, Tenaga Nasional Bhd, Lii Hen Industries Bhd and Gamuda Bhd.

Asian stock markets fell on Friday amid heightened global trade tensions, while currency markets were whipsawed by a searing selloff in Russia’s rouble after the United States slapped on new sanctions, and as economic worries sent the lira tumbling, according to Reuters.

Washington said it would impose fresh sanctions because it had determined that Moscow had used a nerve agent against a former Russian agent and his daughter in Britain, which the Kremlin denies, it said.

JF Apex Securities Research in a market preview said US markets ended mixed amid strong quarterly earnings and ongoing concerns on trade war.

It said that earlier, European stocks closed flat following US- trade tension and corporate results.

“On the local bourse, FBM KLCI pared intra-day gains from 1811.29 points to end 0.22 points higher at 1804.95 points.

“Following the mixed performance in the US and Europe, the FBM KLCI is expected to consolidate and hover sideways around 1800 points,” it said.

Source: The Edge

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