Public Bank and Digi prop up KLCI early Thursday

KUALA LUMPUR: Public Bank and Digi shored up the FBM KLCI early Thursday despite the weaker overnight close on Wall Street but whether to market can hold remains to be seen.

At 9.32am, the KLCI was up 1.65 points or 0.1% to 1,661.25. Turnover was 201.17 million shares valued at RM123mil. There were 137 gainers, 166 losers and 231 counters unchanged.

Kenanga Investment Bank Research said coupled with the uninspiring overnight Wall Street performances, the KLCI is likely to retrace further towards its immediate support level of 1,648 (first support level) on Thursday, with next support level tied at 1,640. Overhead resistance would be at 1,672 and 1,700.

Crude oil prices rose on Thursday as a weaker U.S. dollar buoyed sentiment in the market, lifting prices from five-week lows.

Brent crude was trading up 55 cents, or 1.2%, at US$47.41 a barrel by 0129 GMT after touching a five-week low at US$46.46 in the previous session. US West Texas Intermediate (WTI) crude was up 50 cents, or 1.1%, at US$45.84 per barrel.

At Bursa, Hong Leong Industries gained seven sen to RM9.92, Public Bank added six sen to RM19.92 and Digi four sen higher at RM5.03.

Reinsurer MNRB added eight sen to RM2.14 with 300 shares done, Scientex seven sen to RM6.68 while Econpile and RCE Capital edged up five sen each to RM1.90 and RM1.25.

Dnonce rose 1.5 sen in active tradeon news poultry company Lay Hong is said to be looking to take up a controlling stake. Dnonce is a supplier of packaging materials that is going into the frozen food segment. 

FGV rose four sen to RM1.86 in active trade also.

Selangor Properties fell the most, down 13 sen to RM4.68, MISC lost 10 sen to RM7.40 and Petronas Dagangan eight sen lower at RM23.22 while SP Setia shed seven sen to RM3.46.