KUALA LUMPUR: The FBM KLCI extended its gains for the fourth day in early trade on Friday, Feb 18, albeit in cautious trade ahead of the fourth quarter gross domestic product data announcement later this evening.
Asian markets mostly traded higher, with the Taiwan and South Korean stocks advancing on the back of the slightly firmer overnight close at Wall Street.
Wall Street closed higher driven by encouraging manufacturing report that outweighed the disappointing release from the labor market report.
The Federal Reserve Bank of Philadelphia said index in the manufacturing activity of the mid-Atlantic region showed strong performance or nearly doubled between January to February time frame.
This overshadowed the first time claim for unemployment benefit that rose by 25,000 higher week-on-week.
The FBM KLCI rose 3.69 points to 1,512.25 at mid-morning, lifted by gains including at KLK and Genting.
Gainers led losers by 248 to 211, while 234 counters traded unchanged. Volume was 290.33 million shares valued at RM240.47 million.
At the regional markets, Taiwan's Taiex jumped 1.63% to 8,825.48, South Korea's Kospi rose 1.02% to 1,997.45, Singapore's Straits Times Index added 0.63% to 3,102.19, Japan's Nikkei 225 edged up 0.02% to 10,839.19, Hong Kong's Hang Seng Index opened 0.3% higher at 23,363.50 while the Shanghai Composite Index dipped 0.47% to 0.47% to 2,913.31.
BIMB Securities Research said the US unemployment rate may stay at the 9% level for an extended period of time as a result.
In the meantime, CPI in US rose to paltry 0.4% year-on-year last month despite continuous pressure from the rising in gas and other raw material items.
'This supports our conviction that US may revise upward its interest rate level only in the 2H11.
'All in, we expect the market to trade in tight range with mild upside bias today,' it said.
On Bursa Malaysia, PLANTATION [] stocks advanced at mid-morning with United Plantations up 50 sen to RM17, Kulim 38 sen to RM15.38 and KLK 22 sen to RM22.02.
Malayan Flour Mills rose 25 sen to RM5.20. The company's 4Q net profit rose 47.3% to RM28.46 million and it has proposed 20 sen dividend per share.
Other gainers included MTD Capital that rose 20 sen to RM11.20, Coastal Contracts 19 sen to RM2.61, Cycle & Carriage 13 sen to RM5.09 and Genting 12 sen to RM10.24.
Decliners in early trade included IOI Corp that fell seven sen to RM5.51, Perstima and KESM down six sen each to RM4.80 and RM2.25, while Mamee, Wah Seong, Litrak and Encorp lost five sen each to RM3.76, RM2.26, RM3.55 and 95 sen respectively.
Tanco was the most actively traded counter with 13.9 million shares done. The stock was unchanged at 31.5 sen.
Other actives included Jotech, Asiapac, Karambunai, Mulpha, Iris Corp and Olympia.
Asian markets mostly traded higher, with the Taiwan and South Korean stocks advancing on the back of the slightly firmer overnight close at Wall Street.
Wall Street closed higher driven by encouraging manufacturing report that outweighed the disappointing release from the labor market report.
The Federal Reserve Bank of Philadelphia said index in the manufacturing activity of the mid-Atlantic region showed strong performance or nearly doubled between January to February time frame.
This overshadowed the first time claim for unemployment benefit that rose by 25,000 higher week-on-week.
The FBM KLCI rose 3.69 points to 1,512.25 at mid-morning, lifted by gains including at KLK and Genting.
Gainers led losers by 248 to 211, while 234 counters traded unchanged. Volume was 290.33 million shares valued at RM240.47 million.
At the regional markets, Taiwan's Taiex jumped 1.63% to 8,825.48, South Korea's Kospi rose 1.02% to 1,997.45, Singapore's Straits Times Index added 0.63% to 3,102.19, Japan's Nikkei 225 edged up 0.02% to 10,839.19, Hong Kong's Hang Seng Index opened 0.3% higher at 23,363.50 while the Shanghai Composite Index dipped 0.47% to 0.47% to 2,913.31.
BIMB Securities Research said the US unemployment rate may stay at the 9% level for an extended period of time as a result.
In the meantime, CPI in US rose to paltry 0.4% year-on-year last month despite continuous pressure from the rising in gas and other raw material items.
'This supports our conviction that US may revise upward its interest rate level only in the 2H11.
'All in, we expect the market to trade in tight range with mild upside bias today,' it said.
On Bursa Malaysia, PLANTATION [] stocks advanced at mid-morning with United Plantations up 50 sen to RM17, Kulim 38 sen to RM15.38 and KLK 22 sen to RM22.02.
Malayan Flour Mills rose 25 sen to RM5.20. The company's 4Q net profit rose 47.3% to RM28.46 million and it has proposed 20 sen dividend per share.
Other gainers included MTD Capital that rose 20 sen to RM11.20, Coastal Contracts 19 sen to RM2.61, Cycle & Carriage 13 sen to RM5.09 and Genting 12 sen to RM10.24.
Decliners in early trade included IOI Corp that fell seven sen to RM5.51, Perstima and KESM down six sen each to RM4.80 and RM2.25, while Mamee, Wah Seong, Litrak and Encorp lost five sen each to RM3.76, RM2.26, RM3.55 and 95 sen respectively.
Tanco was the most actively traded counter with 13.9 million shares done. The stock was unchanged at 31.5 sen.
Other actives included Jotech, Asiapac, Karambunai, Mulpha, Iris Corp and Olympia.
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