KLCI edges up as selling pressure seen waning

KUALA LUMPUR (Oct 8): The FBM KLCI edged up marginally this morning in line with cautious regional markets this morning, lifted by select index-linked stocks but gains may remain capped.

At 9.05am, the FBM KLCI rose 3.79 points to 1,562.79.

The early gainers included Carlsberg Brewery Malaysia Holdings Bhd, Heineken Malaysia Bhd, Unisem (M) Bhd, Petronas Chemicals Group Bhd. Public Bank Bhd, Kuala Lumpur Kepong Bhd, Malaysian Pacific Industries Bhd, QL Resources Bhd, Jade Marvel Group Bhd and MISC Bhd.

Asian shares inched up in early trade on Tuesday, with investors cautious ahead of tense U.S.-China trade talks while the Turkish lira slipped over concerns about Ankara’s planned incursion in northern Syria, according to Reuters.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.13% while Japan’s Nikkei rose 0.53%, it said.

CGS-Retail Research said Asia markets, including local market, were mixed on Monday as investors awaited a fresh round of US-China trade negotiations expected to begin later this week.

It said the local bourse formed a bullish harami candlestick pattern yesterday following the recent sharp declines.

“It suggests that selling pressure seems to be waning at this juncture.

“However, investors should take a ‘cautious stance’ ahead of the US-China trade talks. Resistance: 1,572 & 1,580. Support: 1,540 & 1,500,” it said.

Source: TheEdgeMarkets