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KLCI reverses loss, rises 0.35% as Maybank and Public Bank lift, tracks regional markets higher

TheEdge Mon, Apr 06, 2020 01:00pm - 1 month ago

KUALA LUMPUR (April 6): The FBM KLCI reversed its earlier loss at the midday break today, as gains at Malayan Banking Bhd (Maybank) and Public Bank Bhd lifted the benchmark index, tracking most regional stocks that trended higher.

At 12.30pm, the FBM KLCI rose 0.35% or 4.66 points to 1,335.31. The index had earlier slipped to a low of 1,324.43.

Gainers led losers by 434 to 149, while 437 counters traded unchanged. Trading volume was healthy with 2.83 billion shares valued at RM1.13 billion.

The gainers included Dutch Lady Milk Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Heineken Malaysia Bhd, United Plantations Bhd, Maybank, Public Bank, Malayan Cement Bhd, Petron Malaysia Refining & Marketing Bhd and Manulife Holdings Bhd.

The actives included Hibiscus Petroleum Bhd, Sapura Energy Bhd, Lambo Group Bhd, Bumi Armada Bhd, Velesto Energy Bhd, Minetech Resources Bhd, KNM Group Bhd and Alam Maritim Resources Bhd.

The decliners included Nestle (M) Bhd, Petronas Dagangan Bhd, Ajinomoto (M) Bhd, Sime Darby Plantation Bhd, Kuala Lumpur Kepong Bhd, Scientex Bhd, Atlan Bhd and Maxis Bhd.

Reuters said oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases.

In currency markets, sterling fell 0.4% early in Asia after British Prime Minister Boris Johnson was admitted to hospital following persistent coronavirus symptoms 10 days after testing positive for the virus, it said.

Kenanga IB Research said Asian stocks closed mixed last Friday (April 3) after US President Donald Trump’s comment on Twitter spurred hopes for Saudi Arabia and Russia to reach an oil deal and recede from their price-cutting war.

It said back home, the FBM KLCI lost 0.25 points or -0.02% to finish at 1,330.65.

“Chart-wise, the index remains below its key SMAs. Nonetheless, coupled with a bullish MACD signal, we may see a continuation of recent intermittent technical rebounds from an oversold position.

“On the chart, our support levels are at 1,310 (S1) and 1,240 (S2). Conversely, the resistance levels are now set at 1,360 (R1) and 1,400 (R2),” it said.

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