KUALA LUMPUR: Hong Leong Bank and Petronas Gas underpinned the FBM KLCI’s slight gains early Friday but analysts said profit taking could set in later ahead of the long break next week.
At 9.30am, the KLCI was up 2.45 points or 0.14% to 1,779.88. Turnover was 206.95 million shares valued at RM91.11mil. There were 207 gainers, 126 losers and 240 counters unchanged.
Reuters reported Asian shares baulked at the starting gate on Friday but remained on track for a weekly gain, while crude oil prices pulled away from this week's 10-month lows.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade, and up 0.4% for the week.
Maybank Investment Bank Research said while a minor recovery in oil price overnight could lend support to the local bourses, expect profit taking activities to accelerate in the afternoon ahead of the long weekend break.
“On the external front, key events to monitor are manufacturing data in the US and China. The benchmark index is likely to trade between 1,770 and 1,780 today. Downside supports are 1,770 and 1,749,” it said.
Brent crude was up 0.3% at US$45.36 a barrel. US crude futures also rose 0.3% to US$42.86 a barrel.
Hong Leong Bank rose 20 sen to RM15.60 and Petronas Gas added 12 sen to RM19.02. Petron rebounded after Thursday’s selling to add 13 sen to RM7.23.
Nestle was the top gainer, up 24 sen to RM83.38 and Gworge Kent 13 sen to RM7.23 while Jaycorp added 12 sen to RM1.37.
Vitrox jumped 22 sen to RM8.19 while SCC added 15 sen to RM2.32.
Heineken fell the most, down 44 sen to RM18.02 with 300 shares done and Ajinomoto 22 sen lower at RM23.44.
As for plantations, KL Kepong lost 14 sen to RM24.72 with 100 shares done and PPB Group 10 sen lower at RM16.78 due to weaker crude palm oil prices.
Comintel Corp came under selling pressure, tumbling 13 sen to 94 sen.
SP Setia lost six sen to RM3.56 on concerns about the size of cash calls, which analysts said was a negative surprise as it is larger than expected.
Click here for analyst's view on SP Setia: http://bit.ly/2tzEUfT
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