KLCI reverses loss as blue chips lift

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KUALA LUMPUR (Nov 25): The FBM KLCI resumed its ascend at mid-morning after reversing its earlier losses, lifted by gains at blue chips including Public Bank Bhd, Telekom Malaysia Bhd and DiGi.Com Bhd.

At 10am, the FBM KLCI rose 7.01 points to 1,840.78.

The top gainers included British American Tobacco (M) Bhd, Westports Holdings Bhd, Petronas Gas Bhd, NCB Holdings Bhd, Public Bank Bhd, DiGi.Com Bhd, Hartalega Holdings Bhd, Telekom Malaysia Bhd and Affin Holdings Bhd.

Minetech Resources Bhd was the most actively traded counter with 71.56 million shares done. The stock rose 3.12% or half a sen to 16.5 sen.

The other actives included Pasukhas Holdings Bhd, Frontken Holdings Bhd, Technodex Bhd, SILK Holdings Bhd, Privasia Technologies Bhd and Sumatec Resources Bhd.

The top losers included Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, Lafarge Malaysia Bhd, IJM Corporation Bhd, Genting Bhd, UMW Holdings Bhd, Berjaya Auto Bhd, SILK Holdings Bhd and KLCC Properties Bhd.

Regionally, Asian shares gave back some of their China-inspired gains on Tuesday, while oil prices slumped ahead of this week's OPEC meeting, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.3 percent after rallying in the previous session following China's surprise interest rate cut, it said.

Hong Leong IB Research said that on a technical front, the FBM KLCI could stage a follow-through technical rebound today as yesterday’s long white candlestick has broken above 10-, 30- and 50-d SMAs.

“Immediate resistances are 1836 (23.6% FR), 1850 (downtrend line and 200-d SMA) and 1860.

“However, since the FBM KLCI is still on medium-term downtrend line, the chart outlook for teh FBM KLCI still remains weak and bearish unless 1850 is taken out. Next supports are pegged at 1823 (38.2% FR), 1812 (50% FR) and 1800 (psychological level),” it said.