KUALA LUMPUR: Blue chips perked up early Tuesday, underpinned by gains in Petronas Dagangan, Maxis while HLT Global was in focus on its trading debut on the ACE Market.
At 9.40am, the KLCI was up 2.74 points or 0.16% to 1,670.64. Turnover was 500.09 million shares valued RM203.99mil. There were 168 gainers, 187 losers and 268 counters unchanged.
Kenanga Investment Bank Research said chart-wise, short-term positives are still intact as the underlying index is still trading above all key moving averages.
“Besides, the strong trading volume during the recent run-up is expected to provide strength to the key index for the near-term.
“We believe that the benchmark index could further catch a breather in the next few days to countervail its overbought condition builds up from the recent run-up,” it said.
Kenanga Research said that upward-bias trading within 1,665-1,692 was still expected this week. Key resistances remain present at 1,680 (R1)/1,692 (R2), while supports are located at 1,665 (S1)/1,657 (S2).
Reuters reported Oil markets on Tuesday were torn between production cuts by major exporters Saudi Arabia and Russia and reports that supplies from other regions including North America, Iraq, and Iran could offset any restraint aimed at curbing a global glut.
Prices for Brent crude futures, the international benchmark for oil prices, were trading at US$54.99 per barrel at 0136 GMT, up 5 cents from their last close. US West Texas Intermediate (WTI) crude oil futures were trading at US$52.04 per barrel, up 8 cents.
At Bursa, BAT added 38 sen RM45.80, Petronas Dagangan added 14 sen to RM23.94 and PPB Group gained 12 sen to RM16.20. Maxis recouped part of its losses to climb 12 sen to RM6.13, Hap Seng also added 12 sen to RM8.97 while Hong Leong Bank was up eight sen to RM13.36.
HLT Global jumped 11 sen to 56 sen with 22.93 million shares done.
However, Hovid fell five sen to 29.5 sen with 59.2 million shares donea after it was hit by the Health Ministry's move to repeal the manufacturing licences for both Hovid’s facilities in Perak.
Petronas Gas fell 22 sen to RM21.18, Tenaga 12 sen lower at RM13.80 and Mayank six sen lower at RM8.20.
KESM fell 10 sen to RM9.90 on profit taking.
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