KUALA LUMPUR: Blue chips kicked off the new week on a firmer note early Monday with Sime Darby, RHB Bank and Kuala Lumpur Kepong (KLK) underpinning the advance.
At 9.38am, the KLCI was up 4.61 points or 0.28% to 1,669.50. Turnover was 256.71mil valued at RM116.40mil. There were 211 gainers, 154 losers and 222 counters unchanged.
Meanwhile, Reuters reported gold prices rose on Monday on a weaker dollar and safe haven buying on uncertainties over US policy after Donald Trump was sworn in as president last Friday.
Spot gold rose 0.5% to US$1,215.30 per ounce by 0051 GMT. US gold futures were up 0.9% at $1,215.10 by 0051 GMT. The dollar index, which measures the greenback against a basket of currencies, fell 0.2% to 100.540.
Kenanga Investment Bank Research said it expects the KLCI to see tepid over the week due to the looming uncertainties over newly-appointed US President Donald Trump’s administrative policies.
“Despite a stronger-than-expected Wall Street performance during Trump’s first day in office, his first administrative move to withdraw from the TPP (Trans Pacific-Partnership) from day one will likely dampen the local bourse and regional sentiment.
“Chart-wise, the KLCI is still range bound within the 1,660-1,680 year-to-date. The lack of impetus momentum depicted by the flattish MACD and RSI momentum indicators are implicating a flattish trading week ahead.
“Besides, trading volume is expected to be thin as we enter the long Chinese New Year weekend break ahead.
“All in, we reckon that the KLCI will trade flat within 1,660 (S1)-1,680 (R1) this week, with the next level of resistance and support found at 1,700 (R2) and 1,650 (S2) respectively,” Kenanga Research said.
Among the KLCI stocks, BAT rose 40 sen to RM44.50, KLK added 14 sen to RM24.38, MISC 12 sen higher at RM7.42 while Sime Darby added eight sen to RM8.60 and RHB Bank gained seven sen to RM4.95.
Nakamichi surged eight sen to 11.5 sen. Glove makers Hartalega
and Top Glove rose eight sen each to RM4.70 and RM5.24.
AirAsia fell nine sen to RM2.49 in active trade while UMW Oil and Gas shed 0.5 sen to 72.5 sen.
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