KUALA LUMPUR: Blue chips climbed early Monday led by Hong Leong Bank after a volatile week while crude oil prices rose but whether the market can hold on to the gains remains to be seen ahead of the central banks meetings this week.
At 9.24am, the KLCI was up 3.08 points or 0.19% to 1,656,07. Turnover was 117.91 million shares valued at RM103.82mil. There were 195 gainers, 130 losers and 209 counters unchanged.
Hong Leong Investment Bank (HLIB) Research said mirroring last week’s pattern, it expects selling pressure on Bursa Malaysia to prevail as investors await further clues from the key central banks' review.
“Sentiment will remain cautious amid sliding oil prices, weakening Ringgit and uncertainty ahead of the Nov 8 US presidential election,” it said.
Reuters reported caution gripped Asian shares on Monday ahead of central bank meetings in the United States and Japan this week, while oil prices bounced on talk of an Opec deal on output and reports of fighting around Libyan oil ports.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat, while South Korea edged up 0.1%. Liquidity was further sapped by a holiday in Japan.
Brent crude rose 66 cents to US$46.43 a barrel while US crude added 65 cents to US$43.68.
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rose the most, up 38 sen to RM14.58, Magni-Tech added 22 sen to RM4.37, Pos Malaysia 16 sen to RM3.56 while Hong Leong Bank gained eight sen to RM12.90.
MSC advanced nine sen to RM3.19. Maypak jumped seven sen to 64.5 sen after the revised takeover offer.
Hiap Teck was the most active with 10.3 million shares done, up one sen to 31.5 sen, CSC Steel added three sen to RM1.91.
Time dotCom fell the most, skidding 61 sen to RM87.81, Genting Plantations and Top Glove lost six sen each to RM10.90 and RM4.63.
Among the KLCI stocks, PPB Group lost 10 sen to RM15.92, Petronas Chemicals eight sen to RM6.51 and Digi seven sen lower at RM4.89.
