KLCI up 0.37% as Public Bank, Top Glove lift

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KUALA LUMPUR (April 3): The FBM KLCI rose 0.37% at mid-morning today, lifted by gains at index-linked stocks including Public Bank Bhd and Top Glove Corp Bhd.

At 10am, the FBM KLCI rose 6.01 points to 1,638.84.

Gainers led losers by 300 to 184, while 280 counters traded unchanged. Volume was 670.92 million shares valued at RM301.94 million.

The top gainers included Public Bank, Heineken Malaysia Bhd, Hong Leong Bank Bhd, Lafarge Malaysia Bhd, Pentamaster Corp Bhd, IHH Healthcare Bhd, Genting Bhd, Top Glove and Hartalega Holdings Bhd.

The actives included Priceworth International Bhd, Sapura Energy Bhd, KNM Group Bhd, FGV Holdings Bhd and Inix Technologies Holdings Bhd.

The losers included Petronas Dagangan Bhd, Aeon Credit Service (M) Bhd, Paramount Corp Bhd, Amway (M) Holdings Bhd and Gas Malaysia Bhd.

Asian shares hovered near seven-month highs early on Wednesday as global investors paused for breath after the strong rally seen earlier this week, while oil approached the key US$70 per barrel mark, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up less than 0.1% early in the Asian trading day. The index jumped more than 1% on Monday on data showing a return to growth for Chinese factory activity, while investor sentiment was further bolstered by improvements in US manufacturing and construction spending, it said.

Kenanga IB Research said Asian markets ended higher following overnight Wall Street gains and Australia's central bank kept rates unchanged.

It said that similarly, the FBM KLCI gained 4.17 points or 0.26% to close at 1,632.83 yesterday.

"The overall outlook of the index remains bearish as its 20- and 50-day SMAs (simple moving averages) crossed below its 100-day SMA.

"However, we believe there is a possibility of a short technical rebound happening soon, as RSI (relative strength index) enters into oversold territory.

"Should a technical rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels. Conversely, support levels can be identified at 1,625 (S1) and 1,615 (S2)," it said.