KUALA LUMPUR: Blue chips edged higher early Wednesday, underpinned by gains by Malaysia Airports and selected plantations, as investor sentiment was underpinned by the firmer external markets and the rebound on Wall Street.
At 9.20am, the KLCI was up 3.34 points or 0.19% to 1,757.76. Turnover was 388.95 million shares valued at RM160.30mil. There were 337 gainers, 98 losers and 274 counters unchanged.
Asian shares inched ahead on Wednesday while the dollar and commodities rallied as investors shook off disappointment about US President Donald Trump's failed healthcare bill and focussed on an improving outlook for global growth, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2% and back towards the recent 21-month peaks. Australia's main index climbed 0.6% to its highest since mid-2015. Japan's
Nikkei added 0.1%, having climbed over 1% the previous day.
Meanwhile, Hong Leong Investment Bank (HLIB) Research said after the DJIA snapped its eight-straight day of losses, the KLCI may retest the 1,760 resistance level.
“On the broader market, oil and gas stocks may gain interest amid recovering oil prices,” it said.
However, HLIB Research noted that British Prime Minister Theresa May’s move to trigger Brexit with the European Union on Wednesday by invoking Article 50, might send a mild cautious tone to the markets.
MAHB added 17 sen to RM7.17 while BAT gained 30 sen to RM48.20.
Among the plantations, UMCCA added 19 sen to RM6.29 after the strong earnings, KL Kepong rose 12 sen to RM24.90 and PPB Group was 10 sen higher at RM16.80.
Petron Malaysia
continued to see strong interest, advancing 14 sen to RM6.41.
Permaju jumped 6.5 sen to 25.5 sen with 22.49 million shares done while PUC Founder gained 0.5 sen to 14.5 sen and the warrants WB edged up 0.5 sen to nine sen.
Profit taking saw Petronas Dagangan lost 14 sen to RM24.70 while Genting Bhd shed five sen to RM9.70.
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