KUALA LUMPUR: Maxis and KL Kepong lifted the FBM KLCI in early trade on Thursday, as the 30-stock benchmark index held on to gains after a late rally at the previous close.
The FBM KLCI see-sawed between positive and negative territory first half hour of trading. At 9.30am, it was 0.32 points higher at 1.739.37 points with 422.79 million shares done with a value of RM150.94mil. There were 173 advancers to 171 decliners and 270 counters unchanged.
Asian markets were mixed early Thursday as investors took a breather, hot on the heels of Wall Street as US investors cashed in on gains in the previous session to give the Dow Jones and S&P500 their worst declines in seven weeks.
Profit-taking had set in overnight in US markets on weak corporate earnings, including from AT&T. More earnings reports are expected from US corporate giants, including tech companies and banks.
At the previous close MSCI's broadest index of Asia-Pacific shares outside Japan was 0.02% higher, while Japan's Nikkei lost 0.45%.
On the local market, IHH Healthcare went 10 sen lower to RM5.69, shaving 1.3537 points off the KLCI. CIMB dipped three sen to RM6.07 while Bursa Malaysia Bhd
dropped eight sen to RM9.94.
AmInvestment research said in its morning note that the bourse's earnings had come within its expectations and reaffirmed its Hold call and fair value of RM9.70.
Meanwhile, KL Kepong rose for a second day, putting on 28 sen to RM24.78.Maxis also rose four sen to RM5.82 in early trade on Thursday following strong earnings results.
PublicInvest Research raised its earnings forecasts and target price on the stock, and noted that it is in a better position to secure additional spectrum under the 700MHz band.
"Since the spectrum is only available in January 2019, full-year impact would only be felt in FY19F. Our preliminary estimates suggest a FY19F earnings impact of -2.2% (assuming Maxis secures two blocks of spectrum)," it said.
Plantations counter IOI put on seven sen to RM4.53
Other gainers on the market include Edaran, adding 24.5 sen to 77 sen, and Salutica, which added six sen to RM1.52.
Among leading decliners, PPB dipped 12 sen to RM16.56 while BAT continued to go lower, dipping eight sen to RM41.12.
Meanwhile, in commodities, oil prices went lower as US data showed a surprising climb in US crude inventories, Reuters reported. Us light crude was seven cents lower at US$52.11 a barrel while Brent crude dipped six cents to US$58.38 a barrel.
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