KUALA LUMPUR: Key Asian markets and Bursa Malaysia advanced in early Thursday trade, tracking the overnight jump on Wall Street on hopes of a US interest rate cut.
At 9.18am, the FBM KLCI was up 0.42 of a point or 0.03% to 1,679.39. Turnover was 220.55 million shares valued at RM129.84mil. There were 197 gainers, 114 losers and 234 counters unchanged.
Asian stocks rose and the dollar sagged on Thursday after Federal Reserve Chair Jerome Powell reinforced prospects of a US interest rate cut later this month, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%, while Japan's Nikkei added 0.15%. South Korea's KOSPI climbed 0.7%.
On the outlook for the KLCI, Kenanga Research said chart-wise, the index is observed to be consolidating between a range of 1,650 and 1,700, likely due to the lack of major catalyst in the market.
“Meanwhile, key indicators appear uninspiring by ranging in the neutral zone. From here, resistances can be found at 1,700 (R1). A break above should see the index trend higher towards 1,730 (R2). Conversely, downside supports can be identified at 1,650 (S1) and 1,600 (S2),” it said.
Nestle rose 30 sen to RM148.80 with 100 shares done while BAT added 20 sen to RM29.30 and Carlsberg eight sen to RM24.80.
A jump in crude oil prices lifted Petronas Dagangan which climbed 14 sen to RM25.14, Yinson
12 sen to RM7.22 and Hengyuan six sen higher at RM5.15.
US oil futures hit their highest in over a month on Thursday as a potential hurricane threatened crude output in the Gulf of Mexico and as an incident involving a British tanker in the Middle East highlighted ongoing tensions there.
US West Texas Intermediate (WTI) crude futures were up 11 cents at US$60.54 a barrel but Brent crude futures were down five cents at US$66.96 a barrel.
MTD ACPI and Frontken gained six sen each to 23 sen and RM1.46.
UWC continued its upward trend, adding six sen to RM1.46 in active trade after the strong debut on the Main Market on Wednesday. However, KESM fell eight sen to RM8.35 and Dufu four sen to RM1.83.
Allianz fell 22 sen to RM13.63 and Petronas Gas 14 sen to RM17.18 with just 100 share done.
Public Bank lost four sen to RM29.06 as investors were quick to lock in recent gains.
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