Tech and chip-related stocks lead gainers

KUALA LUMPUR: E-service providers, tech and semicon-related stocks led Bursa Malaysia higher early Friday but the FBM KLCI was just slightly higher on lack of buying support from funds.

At 9.19am, the FBM KLCI was up 0.82 of a point or 0.05% to 1,680.07. Turnover was 390.97 million shares valued at RM183.86mil. There were 252 gainers, 132 losers and 244 counters unchanged.

Asian shares pulled back as worries over renewed US-China trade tensions weighed on sentiment ahead of the release of June trade data from China, though expectations of a Federal Reserve rate cut later this month kept losses in check, Reuters reported.

Federal Reserve Chairman Jerome Powell indicated on Thursday that a rate cut is likely at the Fed's next meeting as businesses slow investment due to trade disputes and a global growth slowdown.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.05% in early deals, with Australian shares dipping 0.16% and Japan's Nikkei stock index trimming 0.11%.

At Bursa, chip-related KESM and Unisem rose nine sen each to RM8.30 and RM2.46 while Elsoft added 8.5 sen to RM1.01 and Vitrox gained six sen to RM7.

Cuscapi rose 3.5 sen to 22 sen with 28.55 million shares done, MyEG added six sen to RM1.55 and Prestariang two sen higher to 50 sen.

Petronas Dagangan added 14 sen to RM25, Paramout seven sen to RM2.40 and Muhibbah six sen to RM2.84.

Nestle fell RM1.10 to RM147.70, F&N lost 40 sen to RM34.10 and Heineken 10 sen to RM22.70.

Among the plantations, PPB Group lost 10 sen to RM18.68, United Plantations eight sen to RM26.52 and IJM Plantations four sen to RM1.48.

Maxis fell five sen to RM5.70.
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