Select blue chips lift KLCI 0.78% in line with regional advance

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KUALA LUMPUR (Nov 29): The FBM KLCI rose 0.78% at mid-morning today, lifted by select blue chips, in line with advance at regional markets.

At 10.05am, the FBM KLCI rose 13.2 points to 1,699.75.

Gainers led losers by 329 to 220, while 255 counters traded unchanged. Volume was 494.36 million shares valued at RM359.59 million.

The gainers included PPB Group Bhd, Nestle (M) Bhd, Hong Leong Financial Group Bhd, IHH Healthcare Bhd, Kuala Lumpur Kepong Bhd, KESM Industries Bhd, Petronas Gas Bhd, Carlsberg Brewery Malaysia Bhd and Axiata Group Bhd.

The actives included Tatt Giap Group Bhd, Genting Malaysia Bhd, Hibiscus Petroleum Bhd, Prestariang Bhd, Borneo Oil Bhd, Nova MSC Bhd, Ewein Bhd, My EG Services Bhd and Permaju Industries Bhd.

The decliners included Petronas Dagangan Bhd, Hengyuan Refining Company Bhd, Allianz Malaysia Bhd, MSM Malaysia Holdings Bhd, Chin Teck Plantations Bhd and British American Tobacco (M) Bhd.

Asian stocks rose on Thursday tracking a Wall Street rally as dovish comments from US Federal Reserve (Fed) Chair Jerome Powell boosted investor sentiment towards riskier assets, according to Reuters.

The US dollar sagged against its peers on Powell's comments, which suggested the Fed's interest rate hike cycle may come to an end faster than initially anticipated, it said.

Kenanga IB Research said Asian markets closed mostly higher yesterday as investors await G20 summit and a private meeting between the US and China later this week.

It said back home, the FBM KLCI gained 1.58 points or 0.09% to close at 1,686.55.

The research house said the technical outlook continues to remain fragile for now as the index is still hovering below its key SMAs.

"However, should there be further positive development, we may review our stance.

"From here, immediate support levels to watch out for are 1,680 (S1) and 1,650 (S2) where a break below would complete what is now a potential descending triangle.

"Should the market sentiment improve from here, key levels of resistance to look for are at 1,740 (R1) and 1,760 (R2)," it said.