KUALA LUMPUR: Blue chips made a firm start on Friday with the FBM KLCI up nearly 10 points, underpinned by Public Bank and Petronas Chemicals after the strong overnight close on Wall Street but investors also worried if the market could hold on its gains.
At 9.15am, the KLCI was up 9.55 points or 0.52% to 1,861.82. Turnover was 133.76 million shares valued at RM52.26mil. There were 204 gainers, 72 losers and 136 counters unchanged.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%. Japan's Nikkei gained 0.4% while South Korea's KOSPI climbed 1.1%.
Oil prices edged lower, but Brent largely held gains from the previous session amid concerns that Iran may face renewed sanctions, choking off supply, Reuters reported.
Brent crude futures fell 13 cents to US$74.61 a barrel while US West Texas Intermediate (WTI) crude fell 12 cents to US$68.07 a barrel.
The US dollar held near a 3-1/2-month high against a basket of currencies as higher US yields have prompted unwinding of big short positions in the currency while the euro was hampered by a dovish tone from the European Central Bank, said the wire report.
Kenanga Research said investors should nibble on dips with expectation that 1,840 (S1) providing a support.
“Nonetheless, in the event that intense selling remains, next support is identified at 1,800 (S2). Conversely, expect index to experience resistance at 1,880 (R1) and 1,910 (R2) further up should it advance higher,” it said.
Nestle rose RM1.90 to RM138.40, F&N added 54 sen to RM36, Heineken 16 sen higher at RM20.66. BAT fell 44 sen to RM24.26 with 200 shares done.
Public Bank rose 14 sen to RM23.86, Petronas Chemicals 16 sen to RM8.57 and Petronas Dagangan 14 sen to RM27.10.
MISC added 17 sen to RM7.18 and UMW 15 sen to RM6.22.
Sime Plantations fell five sen to RM5.51 with just 100 shares done, Axiata and QL Resources lost five sen also to RM5.11 and RM5.09.
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