FBM KLCI edges higher as sideways trading continues

KUALA LUMPUR: Investors continue to look out for fresh catalysts as the results peroid on Corporate Malaysia heads towards its completion this week.

Following a flattish performance yesterday, the FBM KLCI opened 2.38 points higher at 1,620.65.

"Once again, we opine that the FBM KLCI may continue to trend sideways as investors continue to monitor onto the on-going flurry of corporate earnings releases on the local front," said Apex Securities Research in a note.

The research firm said the lower liners may trend sideways as investors take a break during the results period.

"We remain bullish on export-related stocks, as the prolonged high interest rates in the US are likely to weaken the ringgit against the US dollar.

"Additionally, we favor the logistics sector, which potentially rides onto better-than-expected economic data from China," said Apex.

Taking the early lead, Ambank rose three sen to RM4.30, MISC gained five sen to RM8.42 and Press Metal climbed four sne to RM5.39.

Kuala Lumpue Kepong rose 22 sen to RM22.20, while YTL Corp added four sen to RM3.75.

AirAsia X, which released its results yesterday, jumped 13 sen to RM1.69, while Dutch Lady climbed 10 sen to RM33.86.

Top actives included ACE Market debutant Smart Asia Chemicals rising 10 sen to 50 sen, Dnex flat at 47 sne and Pesona gaining one sen to 19.5 sen.

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