KLCI edges as up select blue chips lift, eyes on revised Budget

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KUALA LUMPUR (Jan 20): The FBM KLCI edged up in early trade on Tuesday, lifted by select blue chips but all focus remain on the revised Budget slated to be announced at 10am by Prime Minister Datuk Seri Najib Razak.

At 9am, the FBM KLCI rose 0.90 points to 1,754.21.

The top gainers included UMNW Holdings Bhd, Eco World Development Group Bhd, Public Bank Bhd, Telekom Malaysia Bhd, Guiness Anchor Bhd, Uzma Bhd, Yinson Holdings Bhd and DiGi.Com Bhd.

Asian markets were on edge on Tuesday ahead of data expected to show China's economy grew at the slowest pace in 24 years last quarter, adding to the case for more stimulus measures both at home and abroad, according to Reuters.

A soft result would only magnify concerns about global demand and put further pressure on commodity prices, with oil slipping again on Monday, it said.

Hong Leong IB Research in a market preview Tuesday said the limelight of this week will certainly focus on a review of Budget 2015 today, which will determine KLCI near term direction.

“Short term resistance are 1766 (50-day moving average) and 1773 (daily upper Bollinger band).

“Key short term supports are situated at 1743 (20-day moving average), 1732 (38.2% FR) and 1720 (50% FR),” it said.