KLCI edges up, set to re-test 1,830-level

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KUALA LUMPUR (Nov 11): The FBM KLCI rose in early trade in line with the overnight at US and European markets, and looked set to re-test the 1,830-point resistance level.

At 9am, the FBM KLCI added 3.10 points to 1,831.03.

The top gainers included Public Bank Bhd, Genting Bhd, Fiamma Holdings Bhd, Eco World Development Group Bhd, IJM Corporation Bhd, Pestech International Bhd, Tadmax Resources Bhd, Rubberex Corporation (M) Bhd, My E.G. Services Bhd, AMMB Holdings Bhd and Sime Darby Bhd.

Regionally, Asian shares and the dollar got off to a lacklustre start on Tuesday as oil prices continued to drop, while Japanese shares marked early gains.

Crude oil prices shrugged off concerns about conflicts in Libya and Ukraine and continued to sag. Fears about a global supply glut and slowing growth have pushed oil prices down nearly 30 percent since June, it said.

JF Apex Securities Research in a market preview Tuesday said U.S. stocks stepped modestly higher overnight with health-care companies leading the charge that again lifted benchmarks to records, as investors tracked corporate results as the earnings season starts to wind down.

Similarly, it said European shares closed higher after staging a last minute rally, with Carlsberg gaining after reporting earnings, and shares in Serco sinking over 30 percent.

“On the local market, the FBM KLCI gained 3.74 points to 1827.93 points.

“Following the gains in the US and Europe, we expect the KLCI to retest its resistance of 1,830 points,” it said.