Friday 29 Mar 2024
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KUALA LUMPUR (Sept 14): The FBM KLCI rose 0.26% at mid-morning today, tracking gains at regional markets, lifted by select blue chips.

At 10am, the FBM KLCI was up 4.64 points to 1,797.24.

Gainers led losers by 294 to 172, while 280 counters traded unchanged. Volume was 720.29 million shares valued at RM363.48 million.

The gainers included RHB Bank Bhd, Aeon Credit Services (M) Bhd, Mi Equipment Holdings Bhd, Heineken Malaysia Bhd, QL Resources Bhd, Carlsberg Brewery Malaysia Bhd, CIMB Group Holdings Bhd, Genting Bdh and Central Industrial Corp Bhd.

The actives included Sapura Energy Bhd, Vortex Consolidated Bhd, Priceworth International Bhd, My EG Services Bhd, Nexgram Holdings Bhd, Eden Inc Bhd and Reach Energy Bhd.

The losers included Dutch Lady Milk Industries Bhd, ViTrox Corp Bhd, KESM Industries Bhd, Kein Hing International Bhd and BIMB Holdings Bhd.

Asian shares nudged higher on Friday as moves by the United States and China to resolve a bitter trade dispute and a sharp interest rate hike in crisis-hit Turkey supported global risk appetite, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 percent in early trade, following gains on Wall Street overnight, it said.

Kenanga IB Research said Asian markets closed mostly higher, following the release of reports that the U.S. had reached out to China in a fresh bid to avert a trade war.

It said tracking the stronger performance across the region, the FBM KLCI gained 7.35 points (+0.41%) to close higher at 1,792.60.

The research house said from a charting perspective, the local index managed to close firmly above the 100-day SMA on the back of stronger trading volumes despite some weaknesses seen in momentum indicators.

“Notably, recent candlesticks movements have brought the FBMKLCI closer to the 1,788(S1) support level which could potentially lure bargain hunters to enter the market.

“Despite mixed readings on the key indicators, we believe the longer-term positive technical outlook remains intact at this juncture until the 1,788 (S1) is breached decisively with 1,765 (S2) further down should the index trend lower.

“Otherwise, expect the index making its higher highs towards resistance levels 1,827 (R1) and 1,865 (R2) next,” it said.

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