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KLCI tracks regional advance in early trade

TheEdge Fri, Sep 13, 2019 09:11am - 1 month ago

KUALA LUMPUR (Sept 13): The FBM KLCI ticked up in early trade Friday, tracking the advance at regional markets.

At 9.05am, the FBM KLCI gained 2.17 points to 1,603.17.

The early advancers included United Plantations Bhd, British American Tobacco (M) Bhd, Astro Malaysia Holdings Bhd, JCBNext Bhd, Hong Leong Bank Bhd, Pentamaster Corp Bhd, KLCC Property Holdings Bhd, Gamuda Bhd, Pos Malaysia Bhd and SP Setia Bhd.

Asian stocks advanced on Friday as hints of progress in the U.S.-China trade dispute and aggressive stimulus from the European Central Bank helped to counter worries about a global economic slowdown, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.2%, while Japan's Nikkei rose 0.4%, it said.

CGS-CIMB Retail Research said although Trump delayed tariff hikes on Chinese goods as a ‘good will’ gesture to China, KLCI remained tepid yesterday as investors awaited the outcome of the Bank Negara Malaysia’s (BNM) OPR decision.

The research house said BNM held its OPR at 3% during its September meeting, as expected by most economists.

”The next BNM’s policy meeting will be held in November. A gradual upward momentum seems to be setting in as both MACD and RSI indicators are on the rise.

“Coupled with the ECB’s new stimulus plan and the easing US-China trade tension ahead of the trade talks, the odds would favour the bulls for the time being. Resistance: 1,620 & 1,640. Support: 1,580 & 1,572,” it said.

Related Stocks

ASTRO 1.430
BAT 18.800
CIMB 4.930
GAMUDA 3.790
HLBANK 16.540
KLCC 8.060
PENTA 4.660
POS 1.690
UTDPLT 24.940


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