KUALA LUMPUR: Blue chips advanced in early trade on Tuesday, underpinned by gains in Axiata and UMW, as investors' sentiment perked up following the firmer overnight close on Wall Street.
At 9.23am, the FBM KLCI was up 7.88 points to 1,656.46. Turnover was 86.05 million shares valued at RM70.37mil. There were 132 gainers, 63 losers and 120 counters unchanged.
The gains chalked up in early trade erased the losses on Monday where the KLCI fell by 3.40 points to close at 1,648.58.
Maybank KE Research said the KLCI's resistance levels of 1,648 and 1,662 might cap market gains, whilst obvious support areas are located at 1,631 and 1,644.
Wire reports said US stocks rose, giving the Standard & Poor's 500 Index its biggest gain in about a month, as investors weighed prospects for a budget deal in Washington.
At Bursa Malaysia, UMW chalked up the most gains, adding 16 sen to RM11.94 while Axiata and KLK gained 14 sen each to RM6.68 and RM21.60 and Pos Malaysia 11 sen higher at RM3.36.
PetGas rose 12 sen to RM18.60 and PetChem eight sen to RM6.17.
ELK-Desa Resources, which made its debut on the Main Market, was flat at RM1.16. It was the most active with 15.90 million shares done.
BAT fell the most, down 44 sen to RM58.98 while penny stock See Hup and GCB fell nine sen each to 81 sen and RM1.61.
HL Bank gave up eight sen to RM14.70 in thin trade.