KLCI up in early trade

KUALA LUMPUR: The KLCI was marginally up in early trade Thursday led by blue-chip counters. In the region, Asian stocks fluctuated, as shares of Japanese automakers declined after the US dollar traded close to a 14-year low against the yen.

Meanwhile, commodity producers gained after metal prices climbed.

According to HwangDBS Vickers Research Sdn Bhd, the benchmark FBM KLCI – which has been stuck inside a tight trading range the whole of this week – is expected to continue its sideways pattern today, possibly with a marginal upward bias.

Overall trading volume (at fewer than 800 million shares the past three days) will likely to go slow too as the holiday-shortened week comes to an end, HwangDBS said.

At mid-day, the KLCI was 2.56 points higher at 1,273.56 while Singapore’s Straits Times Index fell 0.11% to 2,789.81.

Tokyo’s Nikkei 225 rose 0.04% to 9,445.36, Taipei’s Taiex Index added 0.35% to 7,783.76 while Seoul’s Kospi Index added 0.34% to 1,617.32.

At Bursa Malaysia, 194 counters were up, 172 were down while 200 others were traded unchanged. There were 213.5 million shares done at a total value of RM183.384mil.

Among active stocks, Maxis advanced 4 sen to RM5.34 while Gamuda fell 9 sen to RM2.81.

HaiO rose 55 sen to RM6.70, Proton gained 15 sen to RM4.16, DiGi added 12 sen to RM22.04 and Johore Tin advanced 19 sen to 70 sen.

Among plantation stocks, IOI Corp added 11 sen to RM5.52 while United Plantations gained 10 sen to RM13.90.

Nymex crude oil in electronic trade was up 47 cents to US$77.49 per barrel.

Spot gold gained US$1.20 to US$1,193 per ounce.

The ringgit was quoted at 3.3765 to the US dollar.