KLCI starts Monday on steady note, oil slips

Blue chips started Monday on a steady footing as investors drew confidence from key Asian markets amid expectations the US would not raise interest rates.

At 9.45am, the KLCI was up 3.13 points or 0.19% to 1,674.92. Turnover was 325.66 million shares valued at RM149.37mil. There were 276 gainers, 150 losers and 241 counters unchanged.

Asian shares rose on Monday, getting a tailwind from gains on Wall Street after a weaker-than-expected US jobs report prompted markets to trim expectations that the Federal Reserve would hike interest rates as early as this month, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.5% higher in early trade.

Crude prices inched down, paring their robust gains in the previous session amid worries over a global oil glut. Brent crude was down 0.6% at US$46.53 a barrel while US crude slipped 0.7% to US$44.13.

At Bursa Malaysia, Nestle was the top gainer, up 28 sen to RM80.30 while SCGM added 14 sen to RM2.96 and TriPLC climbed12 sen to RM1.94.

REV jumped nine sen to 62 sen, OWG and Panasonic added eight sen each to RM2.18 and RM37.98.

Hong Leong Bank fell eight sen to RM13.03, AirAsia also eight sen down to RM2.86 in active trade while VS Industry lost six sen to RM1.36.

RHB Research Institute remains optimistic about VS Industry’s earnings prospects despite an impact to its headline profits estimates in FY16 from a deposit impairment.



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