KLCI edges up as Tenaga, select blue chips lift

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KUALA LUMPUR (April 23): The FBM KLCI edged up in early trade this morning, lifted by select index-linked stocks including Tenaga Nasional Bhd and Malaysia Airports Holdings Bhd (MAHB).

At 9.05am, the FBM KLCI was up 1.67 points to 1,623.73.

The top gainers included Chemical Company of Malaysia Bhd, Tenaga Nasional, Petronas Dagangan Bhd, BIMB Holdings Bhd , MAHB, RHB Bank Bhd, ViTrox Corp Bhd, Pharmaniaga Holdings Bhd, DKSH Holdings (M) Bhd and Guan Chong Bhd.

Stocks in Asia traded mixed Tuesday as investors look to a deluge of earnings for reasons to carry an equity rally further. Oil cemented a rally after the White House said it will scrap waivers that allow the purchase of some Iranian crude, according to Bloomberg.

Equities pared gains in Japan, while they rose in Australia, led by energy producers, as traders returned from the Easter break. Korea was little changed. Futures in Hong Kong tipped a firmer start when the market opens after the four-day break. Energy stocks outperformed on the MSCI Asia Pacific Index after oil jumped to a six-month high. Volumes are likely to remain thin ahead of a Japanese holiday throughout all of next week. The S&P 500 Index closed about 1 percent below its all-time high. The dollar ticked higher and 10-year Treasury yields nudged lower, it said.

Kenanga IB Research said Asian markets were mixed following the Easter holiday weekend as investors looked  ahead to U.S. and Japanese economic data.

It said back home, the local benchmark index closed marginally lower by 0.01 points (-0.001%) to 1,622.06.

“While overall technical outlook still appear bearish, we believe that it may not persist as stochastic indicator has been in the oversold zone for quite some time.

“Should a rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels. Conversely, downside supports can be found at 1,615 (S1) and 1,600 (S2),” he said.