KLCI gains 0.17% in tandem with regional advance

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KUALA LUMPUR (Oct 11): The FBM KLCI gained 0.17% at mid-morning Friday, hours ahead of the tabling of Budget 2020 at Parliament, rising in tandem with regional markets.

At 10am, the FBM KLCI was up 2.64 points to 1,554.51.

Gainers led losers by 304 to 158, while 282 counters traded unchanged. Volume was 569.79 million shares valued at RM283.98 million.

The gainers included MISC Bhd, Hong Leong Industries Bhd, Allianz Malaysia Bhd, Nestle (M) Bhd, Unisem (M) Bhd, Daibochi Bhd and Genetec Technology Bhd.

The actives included Green Packet Bhd, MNC Wireless Bhd, Ekovest Bhd, Priceworth International Bhd, Bumi Armada Bhd and JAKS Resources Bhd.

The decliners included Malaysia-listed Hang Seng Index-linked put warrants.

Asian shares and US stock futures rose on Friday after US President Donald Trump said he would meet with China's top trade negotiator, while sterling retreated after rallying on revived hopes of a possible Brexit deal, according to Reuters.

Investors' renewed appetite for riskier assets weighed on the safe-haven yen and US Treasury prices, while oil stayed firm on comments about possible supply cuts from the head of OPEC, it said.

Kenanga IB Research said Asian markets closed mixed yesterday as investors remain wary over the uncertainty of a potential partial trade deal.

It said back home, the FBM KLCI rose 0.64 points (+0.04%) to close at 1,551.87.

"Chart-wise, underlying trend remains bearish as the index is trading below all the key SMAs (simple moving averages).

"Coupled with uninspiring key momentum indicators, we believe that the index may trend lower to find support levels at 1,550 (S1) and 1,510 (S2).

"Conversely, overhead resistance levels can be found at 1,630 (R1) and 1,650 (R2)," it said.