At 9.54am, the KLCI was up 1.72 points or 0.11% to 1,635.16. Turnover was 428.94 million shares valued at RM229.10mil. There were 332 gainers, 196 losers and 245 counters unchanged.
On the external front, Bloomberg reported risk was back in favour in Asia, with stocks rallying from a three-year low amid signs of stabilisation in Chinese markets and speculation this year's selloff has gone too far. Sovereign debt retreated, while US crude oil fell back below $31 a barrel.
It said shares from Japan to South Korea followed a relief rally that started in the US, paring gains somewhat as oil resumed losses, leaving US futures on track for a third straight weekly drop
As for Malaysia, Maybank Investment Bank Research recommended a “Sell on Rallies” stance for the index, pointing out the KLCI January Futures moved to a 3.44-point discount against the KLCI.“We believe supports of 1,600 to 1,622 will be weaker, while heavy liquidation activities will cap rebounds at the resistances of 1,633 and 1,660,” it said.
The research house said the KLCI fell from the 1,727.41 high and found support at 1,622.84. The window dressing activities stalled at the high of 1,706.25 on Dec 30, 2015.“The index will eventually move southwards towards the key 1,622-support on pre-weekend heavy liquidation after the initial and euphoric rebound this morning,” it said.
KL Kepong rose 30 sen to RM22.90 while Genting Plantations added 24 sen to RM10.54 and PPB Group was 14 sen higher at RM15.86. United Plantations fell 28 sen to RM25.12 with 100 shares done.Glove makers Kossan and Top Glove gained 12 sen each to RM8.61 and RM13.74.
BAT was up 32 sen to RM56.32 with 4,600 shares done.
Petron Malaysia rose 23 sen to RM6.63, recouping part of the previous day losses with volume at 500,100 shares. Enra continued to lose ground, down 12 sen to RM2.05.
Stretch film company Scientex gained 32 sen to RM10.96 while CI Holdings added 14 sen to RM2.76 in active trade.
QL Resources fell 10 sen to RM4.49, giving up part of the previous day’s gains.
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