KUALA LUMPUR: Blue chips rose in early Tuesday trade on buying of KL Kepong, Hong Leong Bank and Petronas Gas with the FBM KLCI casting its eye on the crucial 1,730 resistance level but Iskandar Waterfront City (IWC) slipped after two straight days of hitting limit-up.
At 9.48am, the KLCI was up 4.86 points or 0.28% to 1,726.78. Turnover was 930.16 million shares valued at RM353.79mil. There were 315 gainers, 236 losers and 297 counters unchanged.
The ringgit was unchanged against the US dollar 4.4450.
The MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade, while Japan's Nikkei dropped 0.1%, Reuters reported.
Investors in Asia were also awaiting manufacturing, retail sales and investment data out of China at 0200 GMT for a reading on the strength of the world's second-largest economy, after strong gains in import and producer price reports last week, the wire reported.
On Monday, Goldman Sachs upgraded Chinese stocks to "overweight" on better growth prospects and a bullish view on the country's banking sector. Strategists cited rising producer prices and easing credit stress, and a brighter credit outlook and loan pricing for banks.
Meanwhile, foreign funds were net buyers on Bursa Malaysia on Monday at RM142.2mil and retailers also net buyers at RM20.7mil while local institutions were net sellers at RM162.9mil.
Maybank Investment Bank Research said late buying support lifted the KLCI higher on Monday.
“With the emergence of buying interest, KLCI is set to test its immediate resistance at 1,730 in the near-term. The benchmark could range between 1,715 and 1,735 today. Support is at 1,705 and 1,690,” it said.
KL Kepong rose 20 sen to RM24.66, Shell 16 sen to RM3.66 and Hong Leong Bank added 14 sen to RM13.62 while Petronas Gas gained 12 sen to RM19.84.
MPI rose 14 sen to RM10.12 in rising volume.
IWCity shares slipped seven sen to RM2.52 with 21.58 million shares done on mild profit taking.
Kunusford lost 10 sen to RM1.43, UMW eight sen lower at RM5.95 and Pos Malaysia fell seven sen to RM4.57.
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