KLCI advances 0.67% as banks and blue chips lift

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KUALA LUMPUR (Apr 24): The FBM KLCI rose 0.67% in the morning today, in line with the gains at most regional markets, lifted by index-linked banking stocks and select blue chips.

At 12.30pm, the FBM KLCI rose 12.41 points to 1,858.49.

The top gainers included Nestle (M) Bhd, Kuala Lumpur Kepong Bhd, Petronas Dagangan Bhd, Tecnic Group Bhd, PPB Group Bhd, Petronas Chemicals Group Bhd, Cycle & Carriage Bintang Bhd, Malayan Banking Bhd, Hong Leong Financial Group Bhd, Public Bank Bhd and AMMB Holdings Bhd.

The actively-traded stocks included Nova MSC Bhd, Frontken Corporation Bhd, Vsolar Group Bhd, Sumatec Resources Bhd, Kanger International Bhd and Press Metal Bhd.

The decliners included Dutch Lady Milk Industries Bhd, Panasonic Malaysia Manufacturing Bhd, Press Metal Bhd, Allianz (M) Bhd and Amway (M) Holdings Bhd.

An index of Asian shares rose on Friday, on track for a weekly gain as a fresh record for the Nasdaq helped nudge it toward seven-year highs, while the dollar marched in place after more lacklustre US economic data, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%, moving back toward a seven-year intraday high touched in the previous session. Japan's Nikkei stock index was down 0.3% in early trade, after hitting a 15-year peak on Thursday, it said.

Hong Leong IB Research said that following a 2-day 16.7 points decline and deteriorating hourly and daily charts, short-term upward momentum has been temporarily disrupted.

“We reiterate only a decisive and sustainable breakout above 1,858 (first key resistance) will spur index higher towards the next overhead resistance of 1,878 (second resistance), and subsequently more formidable barrier at 1,896 (all time high). Key supports now are 1,819–1,830,” it said.