KLCI starts week on positive note, IWCity & Ekovest in focus

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KUALA LUMPUR (April 22): The FBM KLCI started the week on a positive note this morning, as regional markets were steady, while Iskandar Waterfront City Bhd (IWCity) and Ekovest Bhd were in focus following the revival of the Bandar Malaysia project.

At 9.05am, the FBM KLCI rose 1.41 points to 1,623.48.

The early gainers included IWCity, Ekovest Bhd, DWL Resources Bhd, Gamuda Bhd, PLS Plantations Bhd and Lafarge Malaysia Bhd.

Asian stocks were steady on Monday as investors awaited the return of major financial markets from the Good Friday holiday, while oil prices spiked on a report the U.S. is likely to ask all importers of Iranian oil to end their purchases or face sanctions, according to Reuters.

Brent futures rallied to a five-month high, after the Washington Post said U.S. Secretary of State Mike Pompeo will announce "that as of May 2, the State Department will no longer grant sanctions waivers to any country that is currently importing Iranian crude or condensate,"it said.

Kenanga IB Research said Asian markets were mixed last Friday as several markets were closed due to public holiday.

It said back home, the FBMKLCI gained 2.34 points (+0.14%) to close at 1,622.07, narrowing week-on-week loss to 0.4%.

“While the 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.