KUALA LUMPUR (Feb 19): The FBM KLCI edged up in early trade on Tuesday, lifted by gains at select banking stocks and Tenaga.
At 9.10am, the FBM KLCI added 2.26 points to 1.623.19.
Gainers led losers by 60 to 35, while 85 counters traded unchanged. Volume was 66.85 million shares valued at RM14.76 million.
Among the early gainers were Mintye, Public Bank, Felda Global Ventures, RHB Capital, CIMB, Tebrau Teguh, Tenaga and IHH.
BIMB Securities Research in its market preview on Tuesday said that Wall Street was closed to celebrate President’s Day on Monday and would be heading for a spate of economic releases this week.
It said that over in Europe, stocks were lower as consolidation persisted amid the low trading volume further exacerbated by lower than expected corporate earnings and the general election in Italy.
Meanwhile, Asian bourses were rather mixed on the lack of clear market catalysts as investors refused to commit themselves, it said.
“Domestically, the FBM KLCI eased 7 points to 1,620.93 dominated by expectations that the nation’s 13th General Election may just be round the corner.
“Despite the lacklustre market, the benchmark index dipped only by 0.8% for the month February thus we reckon there would be more downside over the short term. Next support is seen at the 1,610 level,” it said.
Meanwhile, the yen remained near recent lows on Tuesday, as attention turned to the appointment of a new Bank of Japan governor, according to Reuters.
Regional share markets held to tight ranges as the absence of catalysts and a holiday in the U.S. overnight capped demand, it said.
The yen, which has dropped 20 percent against the dollar since mid-November, fell further at the start of the week after financial leaders from the G20 promised not to devalue their currencies to boost exports and avoided singling out Japan for any direct criticism, said Reuters.