KLCI edges up marginally in line with regional gains, Public Bank and MISC lift

KUALA LUMPUR (Jan 14): The FBM KLCI edged up marginally in early trade this morning, in line with the higher regional markets.

At 9.10am, the FBM KLCI added 0,24 points to 1,584.97.

The early gainers included Dufu Technology Bhd, KESM Industries Bhd, Genting Plantations Bhd, Kerjaya Prospek Group Bhd, Public Bank Bhd, My EG Services Bhd, Kossan Rubber Industries Bhd, Hong Leong Financial Group Bhd and MISC Bhd.

Bloombergsaid Asian stocks followed their U.S. counterparts higher Tuesday on optimism over this week’s signing of the Sino-American trade deal. The yuan held near its highest since July.

Stocks rose in Japan, South Korea and Australia, while U.S. futures ticked higher. Earlier, technology shares sent the S&P 500 and Nasdaq Composite Index to records. Gains extended after the U.S. was reported to plan lifting the currency-manipulator label from China, a move that was confirmed after the market closed. Treasury yields extended overnight gains, while the yen fell past 110 per dollar, it said.

JF Apex Securities Reseaerch said US markets rose overnight with the S&P and Nasdaq hitting record highs after news that the US will remove China from its list of currency manipulators.

It said that earlier, European stocks were flat ahead of the US-China phase one trade deal to be signed tomorrow.

“On the local market, the FBM KLCI lost 6.73 points to 1584.73 points.

“Following the positive performance in Wall Street, the FBM KLCI could rebound towards the resistance of 1615 points,” it said.