Public Bank gives KLCI mild boost early Friday

KUALA LUMPUR: Blue chips eked out small gains early Friday, underpinned by gains in Public Bank amid a firmer broader market while key Asian markets were cautious  ahead of the US job data later in the day.

At 9.51am, the KLCI was up 1.75 points or 0.1% to 1,672.3. Turnover was 286.06 million shares valued at RM153.55mil. There were 245 gainers, 176 losers and 233 counters unchanged.

The potential for a strong US non-farm payrolls number and with it an elevated chance of a Federal Reserve rate hike soon kept Asian financial markets nervously marking time on Friday, Reuters reported. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1%.

Crude prices rose on Friday after losses of more than 3% a day earlier. Brent and West Texas Intermediate crude futures are on track for their biggest weekly losses since mid-January, hit by oil inventory builds and weak US manufacturing data.

Brent crude had climbed 50 cents to US$45.95 a barrel by 0043 GMT, while US West Texas Intermediate crude futures were up 47 cents at US$43.63 a barrel.

At Bursa Malaysia, Public Bank rose 12 sen to RM19.88. MBSB attracted strong interest, rising 2.5 sen to 88 sen.

Consumer stocks extended their gains with Dutch Lady up RM1.18 to RM62.02, F&N added 34 sen to RM24.92 but Nestle lost 10 sen to RM79.90 with 100 shares done.

Glove makers edged higher with Hartalega adding nine sen to RM4.54 and Kossan seven sen up to RM6.50.

Among the plantations, PPB Group fell 12 sen to RM15.96 and Ta Ann shed five sen to RM3.42.

Petronas Dagangan fell the most, down 12 sen to RM23.24 and Petronas Gas shed 10 sen to RM21.96.

Westports fell eight sen to RM4.40 and MAHB six sen lower at RM6.29.