KLCI extends gains, blue chips lift

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KUALA LUMPUR (Sept 15): The FBM KLCI opened higher this morning as a market rejuvenated by the government's RM20 billion injection to boost the local equity market.

At 9am, the FBM KLCI rose 8.41 points to 1,648.04.

The top gainers included British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Tenaga Nasional Bhd, Petronas Gas Bhd, Hong Leong Bank Bhd, Lafarge Malaysia Bhd, newly-listed Aemulus Holdings Bhd, Kossan Rubber Industries Bhd, Genting Bhd and UMW Holdings Bhd.

Asian shares and the dollar inched higher on Tuesday but caution reigned after Wall Street skidded as investors awaited this week's US Federal Reserve policy decision, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%, after Wall Street logged losses, with US trading volume at its lowest in a month as markets awaited the Fed outcome, it said.

Hong Leong IB Research said that technically, the strong FBM KLCI breakout yesterday amid the Prime Minister's stimulus measures is likely to spur the index higher towards their envisaged weekly resistance of 1,652 (61.8% FR).

"Another decisive breakout above 1,652 will lift the FBM KLCI to 1,687 (76.4 FR) territory.

"We see formidable resistance near 1,687 amid lingering external and internal risks," it said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)