KUALA LUMPUR (March 22): The FBM KLCI rose in early trade and was up 0.33% in line with the gains at most regional markets, lifted by key index-linked blue chips.

At 9.05am, the FBM KLCI rose 5.43 points to 1,669.09.

The gainers included British American Tobacco (M) Bhd, Hong Leong Bank Bhd, Apex Healthcare Bhd, Petronas Chemicals Group Bhd, PPB Group Bhd, Public Bank Bhd, Allianz Malaysia Bhd, Tenaga Nasional Bhd,Syarikat Takaful Malaysia Keluarga Bhd and Can-One Bhd.

Asian stocks nudged higher after U.S. equities reached a five-month high amid optimism about the end of monetary tightening in the world’s largest economy. The dollar halted a four-day decline, while Treasuries stabilized, according to Bloomberg.

Shares in South Korea and Australia rose, while Japan opened flat. The S&P 500 Index staged a broad-based advance Thursday that saw tech shares climbing alongside the real estate and consumer sectors, though financials continued falling. The yield on 10-year Treasuries came off the lowest level in more than a year after sharp declines in the previous session. Japan’s 10-year bond yield fell to the lowest since 2016 and New Zealand’s dipped below 2 percent for the first time, underscoring a return to globally low long-term rates, it said.

Kenanga IB Research said Asian markets closed mostly higher after US left interest rate unchanged and indicated there will not be any hike this year.

It said bucking the trend, the FBMKLCI declined 20.55 points or 1.22% to close at 1,663.66, led by AMMB Holdings Bhd (-3.04%).

“Overall technical outlook lacks any positive signal as key momentum indicators remain lacklustre.

“Should the index break above the 1,700 (R1) resistance level, technical outlook would turn positive with next resistance identified at 1,730 (R2).

“Conversely, downside supports can be found at 1,650 (S1) and 1,630 (S2),” it said.