KUALA LUMPUR (May 4): The FBM KLCI rose 0.1% in early morning trade amid mixed regional performance.
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As at 9.04am, the benchmark index was up 0.18 points to 1,590.55 points.
The top gainer was Transocean Holdings Bhd, which rose 62 sen or 11.97% to RM5.80.
Meanwhile, the top loser was Unisem (M) Bhd, which shed 14 sen or 1.79%.
The most active stock was TDM Bhd, which was up 1.5 sen or 4.92% to 32 sen. The counter saw 35.46 million shares traded.
Bloomberg reported that Asian stocks were mixed and U.S. equity futures retreated Tuesday in the wake of a dip in technology giants on Wall Street. The dollar steadied after declining along with Treasury yields.
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South Korean shares slid while Australia rose modestly. Trading will be limited with Japan and China among markets closed for holidays. U.S. equity contracts fell after the S&P 500 Index ended near session lows and shares such as Tesla Inc. and Amazon.com Inc. weighed on the Nasdaq 100.
Ten-year Treasury yields dropped back to around 1.6% amid comments from Federal Reserve Chair Jerome Powell that the economic recovery is patchy.
Commodities held an advance after silver led gains in precious metals as the prospect of near-zero rates for longer boosted demand. Oil was steady after climbing over 1%. Digital token Ether extended its surge to set another record.
In a note, the Rakuten Trade research team said it expects the FBM KLCI to continue its consolidation.
“The index is seen to hover around the 1,585-1,595 range today with anticipations of some bargain hunting activities. Meanwhile, the crude palm oil prices ended April on a high averaging at RM4,220/metric tonne,” it said.-The Edge Market