KLCI rises 0.45% in line with regional advance

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KUALA LUMPUR (Jan 17): The FBM KLCI rose 0.45% in early trade this morning, rising in line with the advance at most regional markets.

At 9.05am, the FBM KLCI rose 7.53 points to 1,680.61.

The gainers included Nestle (M) Bhd, Kuala Lumpur Kepong Bhd, Petronas Dagangan Bhd, Carlsberg Brewery Malaysia Bhd, Time Dotcom Bhd, PPB Group Bhd, Genting Plantations Bhd, British American Tobacco (M) Bhd, IHH Healthcare Bhd and Aeon Credit Service (M) Bhd.

Asian shares crept higher on Thursday as upbeat bank earnings bolstered Wall Street, while an anti-climactic end to the latest chapter in the Brexit saga gave sterling a moment's peace, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, with Australia was ahead by 0.2 percent, it said.

Kenanga IB Research said stocks in Asia mostly closed higher as investors shrugged off the parliamentary defeat of British Prime Minister Theresa May’s Brexit deal for leaving the European Union.

It said bucking the regional trend, the FBMKLCI dropped 6.34 points (-0.38%) to close at 1,673.08 despite broader market sentiment remains positive with 438 winners outnumbered 358 losers, while 376 counters unchanged.

“We reaffirm our view that the technical outlook of the index is still leaning towards downside bias as key SMAs remains in “Death Cross” state.

“Continuous negative momentum will see it trend closer to its support level at 1,615 (S1) with a break below, will then see the index capitulate towards 1,600 (S2).

“Conversely, resistances can be identified at 1,700 (R1) and 1,750 (R2),” it said.