Market Open KLCI opens 0.7% higher as blue chips lift

by **Cals** Fri 23 Oct 2015, 10:30

Market Open

[size=28]KLCI opens 0.7% higher as blue chips lift

By Surin Murugiah / theedgemarkets.com | October 23, 2015 : 9:21 AM MYT

KUALA LUMPUR (Oct 23): The FBM KLCI opened 0.7% higher today, lifted by blue chips, in line with the rally at most regional markets.

At 9am, the FBM KLCI rose 11.88 points to 1,716.97.

The top gainers included Hong Leong Financial Group Bdh, British American Tobacco (M) Bhd ([You must be registered and logged in to see this image.] Valuation: 1.50, Fundamental: 1.35), Nestle (M) Bhd ( Valuation: 1.50, Fundamental: 1.15), PPB Group Bhd ( Valuation: 1.40, Fundamental: 2.30), Sime Darby Bhd ( Valuation: 1.40, Fundamental: 0.80), Tenaga Nasional Bhd ( Valuation: 1.80, Fundamental: 1.30),Malaysian Pacific Industries Bhd ( Valuation: 2.00, Fundamental: 2.10), Dutch Lady Milk Industries Bhd ( Valuation: 1.50, Fundamental: 2.30), Maxis Bhd ( Valuation: 1.10, Fundamental: 1.15), AMMB Holdings Bhd ( Valuation: 2.55, Fundamental: 1.50) and Petronas Chemicals Group Bhd ( Valuation: 0.50, Fundamental: 2.10).

Asia extended a global stocks rally on Friday after the European Central Bank signaled its readiness to inject more stimulus, helping the dollar scale a fresh two-month peak against the euro, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6 percent, on track for a modest weekly loss of about 0.1 percent, it said.

JF Apex Securities Research in a market preview today said US markets rallied overnight as European Central Bank (ECB) kept interest rate unchanged, positive employment and housing data and better-than-expected quarterly results.

Similarly, it said European equities jumped on potential stimulus by ECB and corporate earnings.

“On the local market, the FBM KLCI lost 2.02 points to 1705.09 points after surrendering intra-day gains from a high of 1711.39 points.

“Following the bullish performance in the US and Europe, we expect the FBM KLCI to rise towards the 1730-point hurdle,” it said.
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