KLCI rises 0.62% as banks, glovemakers lift

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KUALA LUMPUR (April 24): The FBM KLCI started off a positive note today and rose 0.62%, lifted by major index-linked banks and glovemakers.

At 9.05am, the FBM KLCI 10.16 points to 1,637.60.

The gainers included Public Bank Bhd, Lafarge Malaysia Bhd, Hartalega Holdings Bhd, Hengyuan Refining Company Bhd, Malayan Banking Bhd, Sime Darby Plantation Bhd, Tenaga Nasional Bhd, Top Glove Corp Bhd, CIMB Group Holdings Bhd and Pentamaster Corp Bhd.

Asian stocks saw modest gains Wednesday after their U.S. counterparts closed at record highs on the back of better-than-forecast earnings. The dollar strengthened and Treasuries steadied, according to Bloomberg.

Shares pushed slightly higher in Japan, South Korea and Australia, with futures in Hong Kong also in the green. Earlier, the S&P 500 Index and the Nasdaq Composite marked new milestones as Twitter Inc., Lockheed Martin Corp. and Hasbro Inc. climbed following favorable first-quarter reports, adding to a rally led by the biggest technology stocks. Treasury yields were little changed after retreating on Tuesday, it said.

Kenanga IB Research said Asian markets mostly closed lower as investors returned to the market and oil prices surged to nearly six-month highs after the U.S. said it would soon impose sanctions on all buyers of Iranian oil.

It said bucking regional trend, the local benchmark index closed higher by 5.38 points (+0.33%) to 1,627.44.

“While overall technical outlook still appears bearish, we believe that it may not persist as the stochastic indicator has been in the oversold zone for quite some time.

“Should a rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels. Conversely, downside supports can be found at 1,615 (S1) and 1,600 (S2),” it said.