Thursday 28 Mar 2024
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KUALA LUMPUR (April 15): The FBM KLCI rose 1.57% at the midday break on sustained momentum as index-linked financial services stocks and Petronas counters advanced, against the backdrop of fluctuating regional markets.

At 12.30pm, the benchmark index added 21.47 points to 1,393.13.

Gainers led losers by 503 to 143, while 487 counters traded unchanged. Trading volume was a healthy 3.17 billion shares valued at RM1.32 billion.

The leading gainers included CIMB Group Holdings Bhd, RHB Bank Bhd, AMMB Holdings Bhd, Malayan Banking Bhd, Public Bank Bhd, Petronas Chemicals Group Bhd, Tenaga Nasional Bhd, Petronas Dagangan Bhd and Yinson Holdings Bhd.

The actives included mTouche Technology Bhd, MCT Bhd, Minetech Resources Bhd, DGB Asia Bhd, Ta Win Holdings Bhd, Vortex Consolidated and Hibiscus Petroleum Bhd.

The decliners included Rapid Synergy Bhd, Warisan TC Holdings Bhd, KESM Industries Bhd, Pineapple Resources Bhd, Gopeng Bhd and Negri Sembilan Oil Palms Bhd.

Bloomberg reported that Asian stocks fluctuated on light volumes Wednesday, and US and European futures slipped, as investors scoured earnings reports for evidence of the impact of the coronavirus outbreak.

The yen ticked higher, it said.

Kenanga IB Research said Asian stocks finished higher yesterday, as the spotlight shifted to better-than-expected China trade data, which showed that trade improved in March despite being weaker year-on-year. 

It said that back home, the FBM KLCI rose 15.63 points or 1.15% to finish at 1,371.66.

“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 remain at 1,360 (S1) and 1,310 (S2). This comes as the benchmark index — which is hovering just slightly above our first support level — may continue to ride on the technical rebound towards 1,400 (R1).

“Should the momentum persist, the FBM KLCI could attempt to close the gap on the chart (that was opened in mid-March) to test the second resistance level of 1,420 (R2),” it said.

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