KUALA LUMPUR: Blue chips were steady in early Tuesday trade but the lack of leads from funds would keep the FBM KLCI in a tight range while OldTown was in focus after it received a takeover offer from a Dutch company.
At 9.15am, the FBM KLCI was up 0.03 point to 1,719.50. Turnover was 233.50 million shares valued at RM88.34mil. There were 165 gainers, 112 losers and 178 counters unchanged.
Kenanga Investment Bank Research said the overall technical outlook of the KLCI remains bearish at this juncture despite a rebound from its support recently.
“As such, we expect the market to remain cautious and see any near-term relief to encounter resistance at the 1,729 (R1) or 1,734 (R2) levels.
“As for the downside, support levels are identified at 1,714 (S1), where a break below is extremely negative and could trigger a capitulation towards 1,700 (S2) below,” it said.
MPI rose 28 sen to RM11.98 with 200 shares done, Hengyuan 22 sen higher at RM12.02 while Yinson
and BAT added six sen each to RM3.86 and RM37.76.
OldTown jumped 17 sen to RM3.05 after Jacobs Douwe Egberts Holdings Asia NL. B.V.’s takeover offer at RM3.18 per share.
Also riding on the bandwagon was Power Root, which climbed 12 sen to RM2.02.
Petronas Dagangan fell 36 sen to RM24.14 with just 100 shares done. KL Kepong lost 14 sen to RM24.24. Tenaga fell eight sen to RM15.42.
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