Friday 29 Mar 2024
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KUALA LUMPUR (Dec 12): The FBM KLCI ticked up in early trade, tracking mixed regional markets, lifted by gains at select index-linked blue chips.

At 9.05am, the FBM KLCI added 0.48 points to 1,563.67.

The early gainers included Dutch Lady Milk Industries Bhd, Petronas Gas Bhd, MISC Bhd, British American Tobacco (M) Bhd, BIMB Holdings Bhd, Guan Chong Bhd, Ecoworld Bhd, Westports Holdings Bhd and Heineken Malaysia Bhd.

Bloomberg said Asian stocks are set for a mixed start after the Federal Reserve signaled U.S. interest rates will remain unchanged throughout 2020 amid a solid economy. U.S. stocks rose with Treasuries and the dollar fell.

Futures were modestly higher in Japan, flat in Hong Kong and lower in Australia. The S&P 500 Index halted a two-day slide as the central bank’s decision fueled bets that the bar for an increase in rates remains high as economic growth is steady without fueling inflation. The 10-year Treasury yield fell below 1.8%, it said.

Kenanga IB Research said most Asian stocks modestly gained as Beijing and Washington were planning a delay on the implementation of the weekend tariff hike.

It said back home, the FBMKLCI inched up by 1.40 points or 0.09% to close at 1,563.19.

“Chart-wise, the index has broken below all key SMAs coupled with a bearish signal from the MACD indicator.

“However, on the shorter-term, we do not discount the possibility of a continuation relief rebound rally given yesterday’s candlestick of a bullish inverted hammer.

“From here on, the overhead resistance can be seen at 1,630 (R1) and 1,650 (R2). Conversely, immediate support levels can be found at 1,550 (R1) and 1,540 (R2),” it said.

 

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