KUALA LUMPUR: Petronas Dangangan and Petronas Chemical climbed in early Tuesday trade and underpinned the FBM KLCI’s slight gains while key Asian markets advanced on hopes of a positive US-China trade talks.
At 9.02am, the KLCI was up 1.31 points or 0.08% to 1,694.05. Turnover was 90.24 million shares valued at RM27.92mil. There were 106 gainers, 68 losers and 187 counters unchanged.
Asian shares hovered near a four-month peak, supported by hopes that China-US trade talks were making positive progress and expectations of policy stimulus from central banks.
MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trade, staying near Wednesday's four-month peak while Japan's Nikkei was almost flat, Reuters reported.
Meanwhile, Kenanga Research maintained its neutral outlook, as the KLCI continues to remain above the 20 and 50 day-SMAs but other momentum indicators lacklustre.
“A positive outcome from the trade talk should 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.
At Bursa, Petronas Dagangan added 18 sen to RM26.98 and Petronas Chemical eight sen to RM8.65 while MISC was up 10 sen to RM7. However, Petronas Gas lost 32 sen to RM17.80.
Carlsberg rose 38 sen to RM23.40 – extending its gains for the third day. HL Industries added 38 sen to RM9.80, Kossan 19 sen to RM4.19 and WZ Satu 6.5 sen to 38.5 sen.
Aeon Credit
snapped its winning streak, falling 52 sen to RM16.62, Southern Steel lost nine sen to 80.5 sen, IHH and Ann Joo six sen each to RM5.55 and RM1.36 while Tadmax lost 4.5 sen to 24 sen.
Limited time offer:
Just RM5 per month.
