KLCI edges up in line with regional markets

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KUALA LUMPUR (Oct 27): The FBM KLCI rose in early trade on Monday, oin line with the gains at most regional markets.

At 9am, the FBM KLCI added 2.96 points to 1,821.82.

The top gainers included Tenaga, United Plantations, MFCB, Timecom, Hartalega, Prolexus, GAB, Seven Eleven Malaysia, Hong Leong Industries and MPI.

Regionally, Asian equities rose on Monday, taking heart from upbeat earnings and economic data that eased recent global growth fears and sharpened risk appetite, while the dollar advanced to a three-week high against the yen, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.35 percent and Tokyo's Nikkei rose 0.5 percent, it said.

Hong Leong IB Research in a market preview Monday said that technically, on the back of ongoing Dow’s rebound, expectations of dovish remarks by Fed on 28-29 Oct FOMC meeting and slightly improved external newsflows, the FBM KLCI was likely to retest our short term resistance near 1825-1834 levels this week.

“However, the path will not be smooth as sentiment could be consistently affected by external headlines.

“Weekly upside targets are 1825-1834 whilst supports fall on 1800 levels,” it said.