KLCI rebounds and rises 0.29% following strong manufacturing data

TheEdge Thu, Jan 02, 2020 09:13am - 4 years View Original


KUALA LUMPUR (Jan 2): The FBM KLCI rebounded and rose 0.29% this morning after Malaysia’s purchasing managers’ index – a composite single-figure indicator of manufacturing performance – increased to a 15-month high in December of 50.0, from 49.5 in November.

At 9.05am, the FBM KLCI rose 4.75 points to 1,593.51.

The gainers included Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, Allianz Malaysia Bhd, Public Bank Bhd, CB Industrial Product Holding Bhd, Amway Holdings (M) Bhd, IOI Corp Bhd and Pentamaster Corp Bhd.

Bloomberg said traders eyed a cautious start on Thursday in Asia as they assessed the latest policy move by China’s central bank and awaited data on the country’s manufacturing sector. Australia’s dollar and the yen edged lower.

Activity is set to pick up as most global markets reopen from holiday closures on Jan. 1, though Japanese equities remain shut for the remainder of this week. The People’s Bank of China on Wednesday said it will increase the supply of cheap funding to banks, a move of policy support in line with market expectations, it said.

Kenanga IB Research said the last day of trading for 2019 saw Asian markets retreat tracking the U.S. market as investors stay cautious on the trade deal.

It said back home FBMKLCI dropped by 26.91 points (-1.67%) to close at 1,588.76.

“Chart-wise, the index is still holding itself to trade above all of its key SMAs.

“Coupled with a bullish signal from MACD, there may be more upside potential.

“From here, we expect the index to test resistance levels at 1,630 (R1) and 1,650 (R2). Meanwhile, support levels to watch out for are 1,550 (S1) and 1,540 (S2),” it said.

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