KUALA LUMPUR: The FBM KLCI has continued its upward momentum and rose nearly three points during early trade on Tuesday underpinned by banks and key heavyweights, while analysts are expecting the index to hover around 1,780 and the 1,800 levels.
At 9.16am, the KLCI was up 2.16 points to 1,746.21. Turnover was 181.8 million shares valued at RM62.98mil. There were 124 gainers, 157 decliners and 148 counters unchanged.
Reuters reported that Asian markets should be well underpinned on Tuesday after Wall Street closed at historic highs while oil prices suffered a vicious setback after Saudi Arabia quashed all thought of cutting supply.
The revival in risk appetites undermined the safe haven yen and kept the US dollar elevated across the board, while sovereign bonds were content to consolidate recent gains.
Equity investors chose to focus on the benefits that falling fuel prices would have for consumer spending power.
Meanwhile, BIMB Research in a note said that in Asia, stocks were mostly firmer attributed to some bargain hunting activities. Locally, the KLCI jumped 28.06 points at 1,774.05 as accumulation by local institutions continues.
"Interestingly, there was a net inflow of RM37.1mil from foreign funds yesterday on the local bourse following days of net outflows," it said.
At Bursa Malaysia, PBBank rose eight sen to RM17.78 and HLBank 16 sen to RM14.28.
LPI rose 14 sen to RM17.64 and TM 10 sen to RM6.95.
UMW rose 42 sen to RM11.12 and GTronic nine sen to RM4.39.
Decliners were SKPetro, down six sen to RM2.33 and IOI Corp seven sen to RM1.29.
Press Metal
fell 12 sen to RM2.76 and MAHB eight sen to RM6.70.
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