KUALA LUMPUR: Blue chips climbed early Tuesday with CIMB, Tenaga Nasional and Hong Leong Bank underpinning the FBM KLCI's advance while some tech stocks came under some profit taking.
At 9.37am, the KLCI was up 3.9 points or 0.22% to 1,792.79. Turnover was 373.03 million shares valued at RM226.70mil. There were 245 gainers, 267 losers and 278 counters unchanged.
The ringgit was firmer against the US doillar rising 0.08% to 4.260 from the previous close of 4.2635.
Hong Leong Investment Bank said in the US, investors will remain on the sidelines ahead of the two-day FOMC meeting.
It added the profit taking activities within the tech giants will take a pause after the recent two-day selldown and the Dow may trend within the 21,000-21,500 levels over the near term.
“Meanwhile, tracking the softer sentiments across the region, upside to the KLCI will be capped around the 1,790-1,800.
“We expect the overheated semiconductor rally last week could take a breather over the next few days following the selloffs in tech stocks on Wall Street,” it said.
Reuters reported Asian stocks crept higher on Tuesday, defying a weak lead from Wall Street, which was dragged lower by technology stocks for a second day, while the Canadian dollar soared on the possibility interest rates might go up sooner than expected, Reuters reported..
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1% in early trade. Japan's Nikkei slipped 0.3%.
Oil prices edged up early on Tuesday, lifted by statements that OPEC-leader Saudi Arabia was making significant supply cuts to customers, although rising U.S. output meant that markets remain well supplied, the wire reported.
Brent crude futures and US West Texas Intermediate (WTI) crude futures rose 13 cents each to US$48.42 per barrel and US$46.21.
At Bursa Malaysia, CIMB rose 11 sen to RM6.74 while Tenaga Nasional and HL Bank added 10 sen each to RM14.50 and RM15.30.
Hap Seng rose 14 sen to RM9.19 while FGV rose eight sen to RM1.74 with 23 million shares done.
YSP Southeast Asia rose 11 sen to RM2.76 and Pharmaniaga
10 sen higher at RM4.70.
LPI fell the most, down 28 sen to RM18.72 and Khind 25 sen lower ar RM2.02. Petronas Gas fell 18 sen to RM19.02 and Time dotCom 13 sen lower at RM9.37.
As for tech stocks, Vitrox fell 25 sen to RM6.92, MPI 24 sen down at RM13.10 while Globetronics lost 19 sen to RM6.10.
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