KUALA LUMPPUR: Blue chips edged higher in early Thursday trade, lifted by Tenaga Nasional and Public Bank, after the two-day Chinese New Year holidays but key Asian markets were in the doldrums.
At 9.13am, the KLCI was up 5.94 points or 0.35% to 1,689.55. Turnover was 96.76 million shares valued at RM41.27mil. There were 133 gainers, 66 losers and 154 counters unchanged.
Kenanga Research maintained its neutral outlook, as the KLCI remains above the 20 and 50 day-SMAs but other momentum indicators are starting to show signs of slowing down.
“A positive outcome from the trade talk may see the index trend higher to its resistances at 1,730 (R1) and 1,800 (R2). Should the index break below both the 20 and 50-day SMA, support levels can be identified at 1,650 (S1) and 1,600 (S2),” it said.
Asian share markets were in a muted mood and looked set for a sleepy session with China still on holiday and no major economic data on the diary, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan was little moved in early trade after ending almost unchanged on Wednesday. Japan's Nikkei dipped 0.2%, while E-Mini futures for the S&P 500 were off 0.06% in very thin trade.
Markets are still waiting on developments in the China-US trade dispute after President Donald Trump offered little new to chew on in his State of the Union speech.
MBMR jumped 15 sen to RM2.72 and PMB Tech 10 sen higher at RM3.30 whileFL Bhd gained eight sen to RM1.72.
Among the KLCI stocks, Nestle rose 40 sen to RM149, HLFG and Tenaga 12 sen each to RM19.74 and RM13.06, Hap Seng 10 sen to RM9.95, Public Bank 10 also sen to RM24.92 while Bura added nine sen to RM7.39 and Maxis eight sen to RM5.64.
BAT fell 22 sen to RM38 with 100 shares done while Ajinomoto lost eight sen to RM18.62 and Carlsberg four sen to RM21.16.
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