KUALA LUMPUR: Malaysia's blue chips advanced in early Thursday trade despite the weak regional bourses and overnight fall on Wall Street, but analysts expect local equities to come under selling pressure.
At 9.12am, the FBM KLCI was up 2.05 points to 1,776.47. Turnover was 127.79 million shares valued at RM80.44mil. There were 109 gainers, 151 losers and 144 counters unchanged.
Stock market data showed that foreigners were net sellers on Wednesday at RM253.80mil as selling picked up to RM690.70mil compared with buying at RM436.90mil.
However, local funds were seen supporting the market with net buying of RM236.10mil and retail investors net buyers at RM17.70mil.
BIMB Securities Research said investors should be aware that foreign institutions have been net sellers in the past 10 trading days, with total net outflow more than RM1.2bil.
"We believe the outlook of the local market to remain volatile for the moment and investors are advised to stay cautious. Expect to see immediate resistance at 1,785/1,800 while support at 1,770/60," it said.
Petronas Gas rose 34 sen to RM21.84 and Petronas Dagangan 24 sen higher at RM25.74 but in very thin trade. UMW edged up 10 sen to RM14.70 with 100 shares done.
Among the banks, Hong Leong Bank rose eight sen to RM14.06 with 100 shares done also while Public Bank foreign shed 10 sen to RM16.86 andHLFG six sen to RM15.
Naim was the top loser, down 12 sen to RM4.20. Among the plantations, KL Kepong was down eight sen to RM21.40 and PPB Group six sen to RM13.88 while heavyweight Sime Darby fell three sen to RM9.47.