KLCI edges past key 1,600 as key Asian markets climb

KUALA LUMPUR: Blue chips managed to chalk up some gains early Friday with Petronas Dagangan and KL Kepong taking the lead, encouraged by the firmer key Asian markets, after the late selldown the previous day.

At 9.11am, the KLCI was up 4.54 points or 0.28% to 1,603.73. Turnover was 134.53 million shares valued at RM60.80mil. There were 191 gainers, 72 losers and 168 counters unchanged.

Reuters reported Asian shares were trying to end a bleak week in the black on Friday as upbeat US economic news and solid company earnings offered a respite from the interminable China-US trade saga.

MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.1% and off a 15-week trough, but was still down 1.8% for the week.

Japan's Nikkei bounced 0.7% in early trade, while the main Australian index added 0.5%. E-Mini futures for the S&P 500 were steady.

At Bursa, consumer stocks were in the top gainers list with Nestle up RM1.10 to RM146.40, Carlsberg 60 sen to RM24.84, F&N 50 sen to RM33.70 and BAT 26 sen to RM33.44. Dutch Lady fell 50 sen to RM63.50.

Petronas Dagangan added 14 sen to RM24.66 while KL Kepong gained eight sen to RM24.20.

Pharmaniaga was up 12 sen to RM2.48, HL Industries 10 sen to RM10.9- and Can-One eight sen to RM3.29.

Leong Hup International, which was listed on Thursday, was unchanged at RM1.10 – which was  its offer price.

HL Bank fell 12 sen to RM19.16, HLFG eight sen to  RM18.88, PPB Group six sen to RM18.50 and Southern Steel 4.5 sen to 87 sen.