KUALA LUMPUR: Blue chips managed to inch higher early Monday after a hesitant start, with the FBM KLCI up one-third of a point, underpinned by gains in Petronas Dagangan.
At 9.30am, the KLCI was up 0.34 of a point to 1,708.02. Turnover was 432.33 million shares valued at RM175.02mil. There were 268 gainers, 184 losers and 289 counters unchanged.
Reuters reported Asian share markets got off to a subdued start on Monday as political uncertainty kept the mood cautious, while the US dollar softened a touch ahead of a busy week for Federal Reserve speakers.
Turnover was light with US markets closed for the Presidents Day holiday. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1% to inch away from a 19-month peak set last week.
As for Bursa Malaysia, Kenanga Investment Bank Research expects the local stock market to consolidate.
“As post the technical gap up recently, the KLCI have had numerous attempts at the 1,700 (R1) level but failed to close above the aforesaid resistance convincingly.
“Technical readings are currently at a toppish level, whereby the daily RSI and Stochastic are regressing from their overbought levels to indicate tapering bulls,” it said.
Kenanga Research said coupled with the lacklustre world market performances last Friday as major indices take a breather from their recent rallies, the KLCI was likely to take cue for a tepid week ahead.
It added the local bourse will consolidate sideways this week to countervail its overbought condition. Overhead resistances are marked at 1,710 (R1) followed by 1,720 (R2), while support levels are seen at 1,700 (S1) and 1,690 (S2).
Among the KLCI stocks, Petronas Dagangan added 34 sen to RM24.30 and Hong Leong Bank rose 12 sen to RM13.50 with just 100 shares done.
Ajinomoto rose 38 sen to RM14.54 following the conclusion to sell its land and a possibility to use some of the proceeds to return to shareholders. Carlsberg rose 10 sen to RM14.50. Heineken fell eight sen to RM16.72.
Among plantations, United Plantations rose 32 sen to RM27.30 and Batu Kawan gained 18 sen to RM19.56.
Aeon Credit
rose 30 sen to RM15.74 with 400 shares done after the recent profit taking.
Choo Bee added 15 sen to RM1.92, KESM 14 sen higher at RM9.85 and SAM Engineering 11 sen up to RM5.63.
Bumi Armada extended its mild rebound, up two sen to 74.5 sen and its warrants 0.5 sen higher to seven sen.
Petron Malaysia fell five sen to RM4.95 and Petronas Chemicals four sen lower at RM7.46.
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