Published: Tuesday February 5, 2013 MYT 9:51:00 AM
KLCI ekes out small gains in early trade
KUALA LUMPUR: Malaysia's blue chips were marginally higher in early trade on Tuesday as investors were reluctant to take fresh positions due to the weaker Asian markets.
At 9.22am, the FBM KLCI was up 1.62 points to 1,636.17. Turnover was 80.27 million shares valued at RM58mil. There were 80 gainers, 90 losers and 129 counters unchanged.
Maybank KE Research said while the KLCI gained 7.00 points to close at 1,634.55 on Monday, its resistance level of 1,634 and 1,657 would cap market gains, whilst weaker support areas were at 1,613 and 1,630.
"The FBMKLCI made a key all-time high of 1,699.68 on Jan 4, 2013. A spell of persistent price weakness will now emerge. Due to the US markets' softer tone last night, we expect the local index to be weaker on heavy foreign liquidation activities," it said.
Tasek-PA was the top gainer, up 40 sen to RM13, UMW 24 sen to RM12.30 while Top Glove gained seven sen to RM5.51.
Among consumer stocks, BAT added 26 RM59.06, Nestle gained eight sen to RM59.08 and GAB four sen RM16.30. Top Glove gained seven sen to RM5.51.
Patimas was the most active, adding 0.5 sen to 8.5 sen with 19.64 million shares done.
Shangri-La was the top loser, down 20 sen to RM3.67 while AFG shed eight sen to RM4.20 and KLCCP eight sen lower to RM6.21. Genting lost five sen to RM9.55, IJM four sen to RM5 and Maxis three sen to RM6.40.