KLCI rises 0.30% as glovemakers lift

TheEdge Wed, Jan 09, 2019 09:11am - 5 years View Original


KUALA LUMPUR (Jan 9): The FBM KLCI rose 0.30% in early trade this morning, tracking the advance at most regional markets, lifted including by Top Glove Corp Bhd and Hartalega Holdings Bhd.

At 9.05am, the FBM KLCI rose 5.09 points to 1,677.85.

The gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, PPB Group Bhd, Petronas Dagangan Bhd, Tenaga Nasional Bhd, Genting Plantations Bhd, Carlsberg Brewery Malaysia Bhd, Top Glove Corp Bhd, Hartalega Holdings Bhd and Wong Engineering Corp Bhd.

Asian shares inched up on Wednesday, supported by optimism the United States and China can strike a trade deal to avoid an all-out confrontation that will severely disrupt the global economy, according to Reuters.

Japan's Nikkei rose 0.9 percent while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 percent, it said.

Kenanga IB Research said Asian stock markets ended mixed yesterday as investors remained cautious over the outcome of the trade talk.

It said back home, the FBMKLCI declined 6.41points or 0.38% to close at 1,672.76, dragged mainly by both rubber glove counters, Hartalega Holdings Bhd (-10.43%) and Top Glove Corp Bhd (-5.09%) following two foreign houses downgraded the sector in the past two days.

“Overall technical outlook continues to be downside bias as the index failed to close above its 50-days SMAs and shorter-term SMAs are still trading below longer-term SMAs.

“We opine that the index may continue to trend down, given the poor signals from key momentum indicators, but may find support at 1,615 (S1) or 1,600 (S2) next.

“Should the benchmark index close above the 1,700 (R1) level, we see a potential move towards the 1,750 (R2) level next,” it said.

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