KLCI edges up as Petronas and Genting-linked stocks lift

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KUALA LUMPUR (June 14): The FBM KLCI edged up in early trade this morning, lifted by gains including at Petronas- and Genting-linked stocks.

At 9.05am, the FBM KLCI was up 2.24 points to 1,645.98.

The early gainers included Petronas Gas Bhd, Fraser & Neave Holdings Bhd, British American Tobacco (M) Bhd, Hong Leong Financial Group Bhd, Tasek Corp Bhd, Lafarge Malaysia Bhd, Genting Plantations Bhd, Petronas Dagangan Bhd and Genting Bhd.

Asian stocks held their ground on Friday after Wall Street gained on a surge in oil prices as attacks on tankers in the Gulf of Oman stoked U.S.-Iran tensions and raised concerns over supply flows through one of the world's main sea lanes, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, it said.

Kenanga IB Research said Asian markets ended mixed as Hang Seng slid amid Hong Kong extradition protests.

It said back home, the FBM KLCI lost 7.00 points or 0.42% to end at 1,643.74, dragged by blue-chip stocks.

“The index’s primary downtrend remains intact as it remains below its 100-day SMA.

“We also observed the index’s previous efforts in testing its 100-day SMA.

“Should the index decisively breaks above its 100-day SMA, we opine that the outlook could turn bullish. From here, resistances can be found at 1,670 (R1) and 1,705 (R2). Conversely, supports are identified at 1,610 (S1) and 1,585 (S2),” it said.