KUALA LUMPUR: Bursa Malaysia edged higher early Wednesday as the FBM KLCI managed to snap the six straight day of losses as foreign funds took profit ahead of possible US rate hike.
Whether the local stock market can hold on to the slim gains remains to be seen due to the cautious external factors but the firmer crude oil prices could attract more interest.
At 9.24am, the KLCI was up 1.28 points or 0.07% to 1,766.87. Turnover was 299.20 million shares valued at RM118.93mil. There were 196 gainers, 124 losers and 239 counters unchanged.
The US dollar climbed to a one-month high and bond yields rose on Wednesday as risks grew for a US interest rate hike in December, while Asian stocks hovered near multi-week lows as tensions in the Korean peninsula remain elevated, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan off 0.1% at three-week lows.
US light crude oil firmed 22 cents to US$52.10 per barrel, while Brent added 19 cents to US$58.63.
Meanwhile, Hong Leong Investment Bank Research said the selling pressure on Bursa Malaysia was likely to dissipate after the KLCI revisited the support near 1,760.
“Traders may focus on oil and gas related stocks on the back of firmer crude oil prices trend and stocks that are severely oversold over the past few trading days,” it said.
MPI rose 48 sen to RM13.38, BAT gained 28 sen to RM44.40, Petronas Dagangan added 22 sen to RM24.68 and Time dotCom advanced 11 sen to RM9.05. All these stocks rose in relatively thin trade.
Hartalega
added 11 sen to RM6.66, JHM added 10 sen to RM2.97 while Solid, UME Edgenta and MAH added eight sen each to RM1.11, RM2.75 and RM8.61 respectively.
Superlon was the top loser, down 42 sen to Rm2.34, Hong Leong Bank and KL Kepong fell 10 sen each to RM15.70 and RM24.46, Kimlun nine sen to RM2.09 while Sunway and Genting Bhd lost six sen each to RM1.81 and RM9.62.
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