KLCI ekes out slight gains early Monday as PGas, Sime advance

KUALA LUMPUR: Blue chips rose early Monday, aided by gains in Petronas Gas and Sime Darby as investor sentiment firmed up following the stronger-than-expected economic data released last week and Bank Negara's positive outlook.

At 9.15am, the KLCI was up 2.16 points or 0.13% to 1,723.82. Turnover was 273 million shares valued at RM73.77mil. There were 154 gainers, 137 losers and 216 counters unchanged.

However, Asian shares started the week on the back foot on Monday, pressured by a retreat on Wall Street amid tax reform uncertainty while the euro skidded after German coalition talks hit an impasse, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan was nearly flat in early trade.

Australian shares were down 0.2%, while Japan's Nikkei stock average was 0.1% lower.

Reuters also reported oil markets were tepid on Monday as traders were reluctant to take on big new positions ahead of an Opec meeting at the end of the month, when the producer club is expected to decide whether to continue output cuts aimed at propping up prices.

Brent crude futures fell 26 cents to US$62.46 per barrel at 0052 GMT while US West Texas Intermediate crude futures gained two cents to US$56.57.

Petronas Gas rose 16 sen to RM16.80 with 5,900 shares done. Sime Darby added nine sen to RM9.06 ahead of its EGM to seek shareholder approval for its demerger and listing on Nov 30.

HL Industries added 20 sen to RM10.20, MPI 20 sen also to RM13.30, PMB Tech 12 sen to RM4.32, TRIplc nine sen to RM2.30. BAT added eight sen to RM39.60 and Supermax six sen to RM2.10.

KESM fell on profit taking, down 18 sen to RM19, Tong Herr 17 sen yo RM3.58, Vitrox 14 sen yo RM5.40 while Tenaga lost eight sen to RM14.76.