Friday 29 Mar 2024
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KUALA LUMPUR (June 2): The FBM KLCI rose for the second consecutive day today, closing 12.04 points or 0.76% higher today at 1,597.94 as market sentiment was boosted by a further rise in crude oil prices.

All but three of the 30 index-linked counters rose, led by RHB Bank Bhd, Hap Seng Consolidated Bhd and Axiata Group Bhd.

Crude oil rose to the highest level since October 2018, a positive development for oil-exporting Malaysia.

Trident Analytics founder and chief research officer Peter Lim Tze Cheng said he he did not see any other strong factors that contributed to today's performance.

TA Securities Research said in a note that stocks would stay range-bound pending confirmation on further acceleration in vaccination rollouts, and more stimulus or fine-tuning measures to cushion the impact from a full lockdown.

“On the index, immediate support remains at Monday's low of 1,568, followed by the recent pivot low of 1,552, with better supports seen at 1,540 and 1,520. Immediate resistance stays at 1,600, with more formidable resistance expected from the recent highs of 1,623, 1,635 and 1,642,” it said.

Market breadth was firmly in positive territory, with 710 counters posting gains versus 362 decliners and 432 counters that finished unchanged.

Only  two of Bursa Malaysia's indices posted declines, with the top performing ones being the Mids Cap, Mids Cap Shariah and Small Cap indices.

The top active counters were Joe Holdings Bhd, Serba Dinamik Holdings Bhd and Kumpulan Jetson Bhd.

Top gainers were Fraser & Neave Holdings Bhd (F&N), Time dotCom Bhd and Panasonic Manufacturing Malaysia Bhd.

Top losers included Nestle Malaysia Bhd, British American Tobacco (M) Bhd and Malaysian Pacific Industries Bhd (MPI).

The FBM KLCI's gain was in contrast to the losses recorded by most Asian bourses. Hong Kong's Hang Seng index fell 0.58% or 170.38 points to 29,297.62 points, Shanghai Composite closed 0.76% or 27.58 points lower at 3,597.14, and Singapore's Straits Times Index fell 0.92% or 29.33 points to 3,157.90.

Reuters reported that Asian stocks chopped around record peaks, while the dollar was pinned to near recent lows, as markets awaited US jobs data and looked ahead to crucial central bank meetings in Europe and United States for guidance on the interest rates outlook.

Edited ByS Kanagaraju
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