KUALA LUMPUR: Petronas-linked stocks, plantations and banks underpinned the FBM KLCI’s advance in early Tuesday trade – the seventh straight days of gains – supported by foreign buying of index linked stocks.
At 9.11am, the KLCI was up 6.89 points or 0.4% to 1,716.75. Turnover was 168.23 million shares valued at RM74.31mil. There were 168 gainers, 120 losers and 167 counters unchanged.
Maybank Investment Bank Research recommended a “Buy on dips” stance for the index. The KLCI October futures moved to a 1.64-point premium against the KLCI.
"We believe supports of 1,675 to 1,709 will be areas to buy while profit-taking activities may cap rises at the resistances of 1,717 and 1,744.
"The decline from the 1,691.93 high of Sept 17 was drastic and the index had then stabilised at 1,595.22 on Sept 29," it said.
Maybank Research said the KLCI would remain well sought after on dips, with further upward bias towards 1,717 and eventually to 1,744.
BIMB Securities Research expects Malaysian equities to remain positive on Tuesday with the returning of foreign investors. It said foreign funds were net buyers on Monday at RM221.2mil while local institutions were net sellers at -RM183.8mil and retailers were net sellers also at -RM37.4mil.
Petronas Gas rose 30 sen to RM23.10 and Petronas Dagangan added 10 sen to RM23.56.
As for plantations, KL Kepong rose 12 sen to RM22.80 and PPB Group 10 sen to RM15.80 in thin trade.
Among the banks, Hong Leong Bank gained 12 sen to RM113.90.
Highway concessionaires also advanced ahead of the toll hike on Thursday. Littrak added 11 sen to RM5.21 while SILK Holdings gained three sen to 57 sen in active trade.
AirAsia advanced four sen to RM1.46 with 7.76 million shares done, extending its gains over the past several days.
SK Petro fell five sen to Rm2.11 with 1.57 million shares done while Coastal Contracts
and its warrants were down five sen each to RM2.14 and 40 sen.
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