Blue chips inch higher in early trade

KUALA LUMPUR: Blue chips traded higher early Thursday but the gains
were limited following the weaker overnight performance on Wall Street.
The
US Federal Reserve took no action except to pledge to provide
additional support for the world's largest economy if necessary during
its meeting.
At 9.20am, the FBM KLCI was just up 0.83 of a point
to 1,633.30. Turnover was 126.06 million shares valued at RM50.39mil.
There were 128 gainers, 98 losers and 163 counters unchanged.
Maybank Investment Bank Research,
had in its technical outlook for the KLCI, said due to the US markets'
weaker tone, it expected a quiet trading day here, with further
profit-taking as the index has peaked at 1,647.94.
"Since the
index has stalled at a temporary all-time high level of 1,647.94 on 19
Jul 2012, accompanied by bearish divergent signals, we think investors
will liquidate positions as the MACD has issued an overbought sell
signal. The index's other signals are positive for now," it said.
OSK Properties rights shares, OSK Prop-OR jumped 56 sen to RM2.62 and Hing Yap managed to rebound 19 sen to RM2.96.
F&N rose 24 sen to RM19.36, PetGas 18 sen to RM18.72 and KLK 16 sen to RM23.98 while Lafarge added 11 sen to RM8.28.
Naim Holdings added six sen to RM1.90 on the positive outlook for the company as it secured more contracts.
Patimas,
whose share price tumbled on Wednesday, was unchanged at 4.5 sen. It
was the most active with 36.14 million shares done.
BAT fell the most, down 26 sen to RM59.70, Panasonic Malaysia 20 sen to RM23.40 while Multi-Code gave up some of its hefty gains from Wednesday, shedding 12 sen to RM1.48. MSM and MISC lost three sen each to RM5.07 and RM4.45.