Friday 29 Mar 2024
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KUALA LUMPUR (June 9): The FBM KLCI rose to its highest level since Jan 22 today, rising as much as 2.2% before paring some of its gains at the midday break, as the nation's short-term Economic Recovery Plan as well as the start of the Recovery Movement Control Order boosted investor sentiment.

At 12.30pm, the benchmark index rose 23.29 points to 1,579.62. The index had earlier risen to a high of 1,590.83.

Market breadth was firmly positive as gainers outpaced losers by 536 to 170, while 696 counters traded unchanged. Trading volume was a robust 5.76 billion shares valued at RM3.66 billion.

The gainers included Nestle (M) Bhd, Petronas Dagangan Bhd, Malaysia Airports Holdings Bhd, KESM Industries Bhd, Fraser & Neave Holdings Bhd, Genting Bhd, Kuala Lumpur Kepong Bhd and AEON Credit Service (M) Bhd.

The actives included Eduspec Holdings Bhd, AirAsia X Bhd, AirAsia Group Bhd, Sapura Energy Bhd, Velesto Energy Bhd and Hibiscus Petroleum Bhd.

The decliners included Rapid Synergy Bhd, Comfort Gloves Bhd, Adventa Bhd, Manulife Holdings Bhd, Rubberex Corp Bhd, ViTrox Corp Bhd and Tenaga Nasional Bhd.

Reuters said Singapore stocks rose today, putting them on course for their longest winning streak since March last year, while Malaysia gained over 2% after saying it would restart nearly all economic activities after months under Covid-19-related curbs.

With gains on developed markets driving stock markets globally higher, Thai shares were also set for their longest rally since June 2019 and Indonesian equities extended gains to a third day, it said.

Kenanga Research said last Friday Asian stocks ended mostly higher as investors continued to price in global economic recovery in spite of the dismal economic data.

It said back home, the FBM KLCI slipped by 5.51 points (-0.35%) to finish at 1,556.33.

"Following the formation of a 'Golden Cross', the index managed to close the gap that was opened during the mid-March market meltdown, which sees it now trading above all of its key-SMAs.

"On the chart, our resistance-turned-support levels are identified at 1,530 (S1) and 1,500 (S2).

"On the upside, our resistance levels stand at 1,570 (R1) and 1,600 (R2)," it said.

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