KUALA LUMPUR (April 7): The FBM KLCI was up 1.1% at the midday break today, lifted by gains led by Petronas stocks and Malayan Banking Bhd (Maybank), against the backdrop of firmer Asian markets riding on the overnight rally at Wall Street.

At 12.30pm, the FBM KLCI was up 15.04 points to 1,356.73. The index had earlier risen to a high of 1,360.09.

Gainers led losers by 563 to 131, while 474 counters traded unchanged. Trading volume was hefty with 3.93 billion shares valued at RM1.63 billion.

The gainers included Dutch Lady Milk Industries Bhd, Petronas Dagangan Bhd, Panasonic Manufacturing Malaysia Bhd, KESM Industries Bhd, Ajinomoto (M) Bhd, Petronas Gas Bhd, Maybank, British American Tobacco (M) Bhd, Axiata Group Bhd and Hong Leong Financial Group Bhd.

The actives included Lambo Group Bhd, Sapura Energy Bhd, Hibiscus Petroleum Bhd, Bumi Armada Bhd, Minetech Resources Bhd, Velesto Energy Bhd and Vortex Consolidated Bhd.

The losers included Nestle (M) Bhd, Lysaght Galvanized Steel Bhd, Kuala Lumpur Kepong Bhd, OSK Ventures International Bhd and YNH Property Bhd.

Bloomberg said Asian stocks looked set to build on a US rally after the reported death tolls in some of the world’s coronavirus hot spots continued to show signs of easing. The yen maintained losses and Treasuries fell.

S&P 500 futures dipped at the open in Asia Tuesday after the index finished up 7% and closed at its highest since March 13. Futures in Japan pointed to a strong open with Prime Minister Shinzo Abe expected to announce a month-long state of emergency as soon as Tuesday and details of a record stimulus package to combat the spread of the virus. Australian and Hong Kong futures also rose, it said.

Kenanga IB Research said Asian stocks closed higher yesterday as investors reacted positively to the slowing death toll in places with high global coronavirus cases.

It said back home, the FBM KLCI gained 11.04 points or 0.83% to finish at 1,341.69.

“Chart-wise, the index remains below its key SMAs. Nonetheless, coupled with a bullish MACD signal, we may see a continuation of recent intermittent technical rebounds from an oversold position.

“On the chart, our support levels are at 1,310 (S1) and 1,240 (S2). Conversely, the resistance levels are now set at 1,360 (R1) and 1,400 (R2),” it said.