KLCI up more than 6 points in early trade

KUALA LUMPUR: The FBM KLCI climbed more than six points early trade and stayed comfortably above the 1,850 level on nibbling of key stocks as investor sentiment was underpinned by the record overnight close of Nasdaq.

At 9.07am, the KLCI was up 6.55 points or 0.35% to 1,852.63. Turnover was 146.51 million shares valued at RM61.97mil. There were 167 gainers, 64 losers and 153 counters unchanged.

“The consolidation of the local bourse may continue but we expect some nibbling of stocks today and may see the index to re-test the 1,850 again,” BIMB Research said.

Reuters reported An index of Asian shares rose on Friday, on track for a weekly gain as a fresh record for the Nasdaq helped nudge it toward seven-year highs, while the dollar marched in place after more lacklustre US economic data.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 percent, moving back toward a seven-year intraday high touched in the previous session. Japan's Nikkei stock index was down 0.3 percent in early trade, after hitting a 15-year peak on Thursday.

At Bursa Malaysia, HLFG rose 12 sen to RM16.82, Hong Leong Bank and AmBank six sen each to RM14.30 and RM6.46.

KL Kepong jumped 20 sen to RM22.66 while Petronas Gas added 12 sen to RM23 and UMW sox sen to RM10.94. Tenaga added four sen to RM14.52 in active trade ahead of the release of its earnings.

Tecnic hit limit-up again, surging 30 sen to 73.5 sen.

Perisai rose 1.5 sen to 57 sen in active trade.

Scanwolf fell four sen to 77 sen.  It appointed PKF Covenant to conduct an investigative review on the group’s operations as severe discrepancies and possible irregularities in the implementation of its development projects that were discovered during a review of its management, operation and practice of certain projects and their contract management processes.

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