KLCI gets off to positive start to week, tracks regional gains

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KUALA LUMPUR (March 18): The FBM KLCI started the week on a positive note and gained 0.12% in early trade, tracking the uptrend at moer regional markets.

At 9.05am, the FBM KLCI was up 1.99 points to 1,682.53.

The early gainers included Aeon Credit Service Bhd, Hong Leong Industries Bhd, Carlsberg Brewery Malaysia Bhd, PPB Group Bhd, Allianz Malaysia Bhd, Hartalega Holdings Bhd, Hap Seng Consolidated Bhd, RHB Bank Bhd, IHH Healthcare Bhd and Hai-O Enterprise Bhd.

Stocks in Asia gained Monday after a positive finish to a strong week for U.S. stocks led global equities to a five-month high. Treasuries steadied, according to Bloomberg.

Shares in Sydney, Seoul and Tokyo advanced after the S&P 500 Index posted its best week since November. Treasuries held gains seen at the end of last week and the 10-year yield remained below 2.6 percent in the wake of soft economic data. The dollar drifted as focus turned to the Federal Reserve, which will likely reinforce its policy-pause stance later this week, it said.

Kenanga IB Research said Asian markets were mostly positive last Friday as trade talks appeared to be progressing well while China’s government continues to commit to its targeted stimulus for its country.

It said back home, the FBM KLCI gained 6.02 points or 0.36% to close at 1,680.54, recording a marginal week-on-week gain of 0.03%. Despite the gains made, overall technical outlook still appears lacklustre as key momentum indicators remain bearish.

“The index may trend lower to its support levels at 1,650 (S1) and even 1,630 (S2).

“Should the index break above the 1,700 (R1) resistance level, technical outlook will then turn positive as next resistance is found at 1,730 (R2),” it said.