Blue chips slightly higher early Friday amid cautious outlook - Business News | The Star Online


Blue chips slightly higher early Friday amid cautious outlook

KUALA LUMPUR: Blue chips were slightly higher early Friday but overall  investor sentiments was cautious following the recent selling by foreign funds despite the firmer economic data.

At 9.29am, the FBM KLCI was up 0.29 of a point or 0.02% to 1,754.29. Turnover was 606.22million shares valued at RM150.47mil. There were 204 gainers, 175 losers and 295 counters unchanged.

Asian stocks held firm near a 10-year high on Friday thanks to expectations of brisk global growth, although investors held off chasing the shares higher ahead of US and Chinese economic data as well as the Chinese Communist Party congress next week.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%, having gained 3.4% so far this month. Japan's Nikkei was little changed.

On the outlook for Bursa Malaysia, Hong Leong Investment Bank (HLIB) Research said trading activities amongst the ACE and penny stocks should remain active as blue chips continue to see selling pressure. 

“Investors will weigh on the prospects of upcoming Budget 2018 and the 3Q17 reporting season in November coupled with the GE14 election uncertainty,” it said. The Budget 2018 proposals will be announced on Oct 27.

KL Kepong rose 20 sen to RM24.96 and PPB Group added eight sen to RM16.86 but Batu Kawan fell 10 sen to RM19.40.

HLFG added 14 sen to RM16.98 while Petronas Gas gained eight sen to RM18.56. 

KESM added 10 sen to RM16.80 and Vitrox 10 sen toRM4.96 but Uchi Tec lost four sen to RM2.91.

Top Glove rose six sen to RM5.99 but Hartalega fell 13 sen to RM7.35.

BAT lost 22 sen to RM42.66 and Ajinomoto 18 sen to RM19.84.

UMW and Lafarge lost five sen each to RM5.56 and RM6.71 while Axiata shed four sen to RM5.29.