KLCI reverses loss, poised to start 2Q on positive note

TheEdge Mon, Apr 03, 2017 01:03pm - 6 years View Original


KUALA LUMPUR (April 3): The FBM KLCI reversed its earlier loss and moved into positive territory at the midday break today, despite sellers leading buyers.

At 12.30pm, the FBM KLCI rose 2.48 points to 1,742.57. The index had earlier slipped to its intra-morning low of 1,737.77.

Losers led gainers by 405 to 388, while 364 counters traded unchanged. Volume was 1.75 billion shares valued at RM1.14 billion.

The top gainers included British American Tobacco (M) Bhd, JHM Consolidation Bhd, Iskandar Waterfront City Bhd (IWCity), Perusahaan Sadur Timah Malaysia (Perstima) Bhd, AMMB Holdings Bhd, KESM Industries Bhd, Hong Leong Financial Group Bhd and Bursa Malaysia Bhd.

The actives included Eco World International Bhd, Borneo Oil Bhd, Vizione Holdings Bhd, AT Systematization Bhd, NetX Holdings Bhd, IWCity and IFCA MSC Bhd.

The top losers included Panasonic Manufacturing Malaysia Bhd, Nestle (M) Bhd, United Plantations Bhd, Fraser & Neave Holdings Bhd, Petronas Dagangan Bhd, Hong Leong Bank Bhd, Petronas Chemicals Group Bhd, Latitude Tree Holdings Bhd and Axiata Group Bhd.

Asian shares started the week modestly higher on Monday after a bumper quarter as investors look to the shape of US trade and economic policies and how they could affect global growth, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%, while Japan's Nikkei gained 0.4% after hitting a seven-week low on Friday, it said.

Kenanga IB Research said that on a bigger picture, the primary trend of the underlying index is still up with the FBM KLCI still trading above all its key SMAs and well-supported by its multi-month support trendline.

Nonetheless, it said bias is leaning towards the downside for the week ahead after profit-taking activities had been weighed down on the local bourse to break down from its consolidation zone to settle just above the 1,740 (S1) level last Friday.

"Daily RSI and Stochastic is also showing signs of weakness, indicating possibilities of a pullback in the immediate term.

"In short, we reckon that the FBM KLCI could likely kick off the week on a cautious tone with a mild corrective pullback this week.

"Support levels are pegged at 1,740 (S1)/1,727 (S2), while upside resistance is capped at 1,750 (R1)/1,760 (R2)," it said.

 

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

AMBANK 4.200
AT 0.155
AXIATA 2.700
BAT 8.100
BORNOIL 0.010
BURSA 7.450
EWINT 0.375
F&N 29.100
HLBANK 19.400
HLFG 16.560
IFCAMSC 0.335
IWCITY 0.840
JHM 0.565
KESM 6.190
NESTLE 118.000
NETX 0.125
PANAMY 18.100
PCHEM 6.720
PERSTIM 2.880
PETDAG 21.640
RKI 1.310
UTDPLT 23.940
VIZIONE 0.045

Comments

Login to comment.