FBM KLCI poised to post solid 1Q24 performance

KUALA LUMPUR: The FBM KLCI rose at the opening bell on Friday, but expected to remains cautious ahead of a key US inflation report, as investors look keenly towards more evidence of moderating global inflation.

At 9am, the key index was up 2.05 points to 1,532.11, helped along by fresh records charted on Wall Street overnight ahead of the extended Easter Sunday weekend.

With the impending inflation data, the research firm expects investors to have their guard up in anticipation of new developments.

"With the resumption of trading today following the mid-week break, we expect investors and traders may take a step back to assess any potential catalyst.

"Nevertheless, the FBM KLCI is largely poised to record a solid 1Q24 performance," said Apex Securities

However, it said the lower liners are turning slightly wobbly following the recent surge and expects any pullback deemed healthy to allow gains to be digested.

On the blue-chip index, CIMB rose seven sen to RM6.62, PETRONAS Gas gained 12 sen to RM17.66 and Press Metal added four sen to RM4.70.

Brewers were seen rising following a news report that said beer prices were for set for their first increase in nearly two years come April 1, 2024. Heineken gained 28 sen to RM23.50 while Carlsberg climbed 12 sen to RM18.50.

Gamuda, which released its latest quarterly earnings after trading hours on Wednesday, slipped 13 sen to RM5.14.

Top actives on Bursa Malaysia were MMAG rising 1.5 sen to 19 sen, Ingenieu flat at 16 sen and Gagasan Nadi Cergas up two sen to 30 sen.