KLCI edges up 0.28% as select blue chips lift

TheEdge Wed, Apr 03, 2019 09:11am - 4 years View Original


KUALA LUMPUR (April 3): The FBM KLCI edged 0.28% up in early trade this morning against the backdrop of mixed regional markets, lifted by select blue chips.

At 9.05am, the FBM KLCI rose 4.69 points to 1,637.52.

The gainers included Hong Leong Bank Bhd, Public Bank Bhd, Pentamaster Corp Bhd, MISC Bhd, Tenaga Nasional Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Petronas Chemicals Group Bhd, DiGi.Com Bhd, CI Holdings Bhd and Genting Bhd.

Asian stocks were mixed at the start of Wednesday trading with a lack of fresh impetus to extend gains for global equities after a strong first quarter. Treasuries steadied following a dip in yields and the dollar edged higher, according to Bloomberg.

Equities opened flat in Japan, while those in Seoul retreated and shares in Sydney eked out gains. There was a dearth of leads from Wall Street overnight, with the S&P 500 Index ending little changed after being lower most of the session. The yield on 10-year Treasuries remained below the 2.5 percent level it climbed to at the start of the week after dipping in Tuesday’s session. The pound fluctuated after Theresa May announced a proposal to break the logjam over Brexit, it said.

Kenanga IB Research said Asian markets ended higher following overnight Wall Street gains and Australia’s central bank kept rates unchanged.

It said that similarly, the FBM KLCI gained 4.17 points or 0.26% to close at 1,632.83.

“The overall outlook of the index remains bearish as its 20-and-50 day SMAs crossed below its 100-day SMA.

“However, we believe there is a possibility of a short technical rebound happening soon, as RSI enters into oversold territory.

“Should a technical rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels. Conversely, support levels can be identified at 1,625 (S1) and 1,615 (S2),” it said.

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