KUALA LUMPUR: Stock prices were slightly improved at the start of Friday trading following the release of more data from the US that showed easing inflation pressures, although the spectre of the country’s banking crisis continued to weigh on sentiment.
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At 9am, Malaysia’s benchmark FBM KLCI was up 1.3 points to 1,426.48 as blue chips continued to pace higher despite the Dow Jones’ negative performance overnight on growing concerns over liquidity levels in US lenders.
Malaysia’s first-quarter gross domestic product result, which is due for release at midday, is in focus, giving Malaysian heavyweights an early boost.
Maybank rose one sen to RM8.75, CIMB added three sen to RM4.98, Tenaga Nasional climbed 11 sen to RM9.20 and CelcomDigi gained 12 sen to RM4.54.
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However, the early positive start on the FBM KLCI could be short-lived as TA Securities Research expects the index to extend its downward bias amid the cloudy economic growth outlook and concerns over the deadlock in raising the US debt limit.
“Key index chart supports stays at the recent low of 1,391 and last October’s low of 1,372, while immediate overhead resistance remains at 1,450, followed by the leveling 200-day moving average at 1,456, with 1,480 and 1,500 acting as stronger resistance levels,” it said in a note.
Consumer and retail stocks were in focus with Nestle falling 30 sen to RM134.60, Heineken dropping 38 sen to RM28.02, Carlsberg shedding 20 sen to RM21.56 and Padini lowing six sen to RM3.88.
Among the leading actives, Zentech was unchanged at two sen, DNex slipped 0.5 sen to 45.5 sen and Vinvest slipped 0.5 sen to 19 sen. – The Star