KLCI tracks Asian indices higher as PChem, Maybank lift

KUALA LUMPUR: The FBM KLCI gained 2.65 points to 1,690.79 with turnover of 1.37 billion shares valued at RM928.27mil.

There were 329 gainers versus 323 decliners and 338 counters unchanged.

The local index is rebounding slightly after yesterday's decline. On the technical charts, the index remains at risk of being trapped in a sideways trading channel.

In the wider region, markets were mostly higher on Thursday morning although gains were capped by caution ahead of the month-end US-China trade talks.

Asia tracked US markets, which rose overnight on positive earnings results from heavyweights such as IBM and Proctor & Gamble. 

At noon, Shanghai's Composite Index was up 0.5% and Hong Kong's Hang Seng was up 0.1% while Japan's Nikkei was down 0.25%.

Southeast Asian indices were likewise mostly in the green with Singapore's Straits Times Index rising 0.5%.

On the KLCI, the advance was led by Petronas Chemicals rising 11 sen to RM8.53 while Maybank gained five sen to RM9.59 and TNB rose six sen to RM13.60.

Genting Malaysia weighed 11 sen to RM3.15 on the news that Twentieth Century Fox was counter-suing the gaming operator for failing to meet its contractual obligations with regards to the cancelled outdoor theme park agreement.

Holding company Genting also fell four sen to RM6.63.

Most active stocks on Bursa Malaysia were Bina Puri falling 5.5 sen to 19 sen, Bumi Armada up 0.5 sen to 21.5 sen and PUC unchanged at 10 sen.