Sime Plantations lead KLCI higher early Friday

  • Markets
  • Friday, 08 Dec 2017

KUALA LUMPUR: Renewed buying interest in Sime Plantations underpinned the FBM KLCI’s early advance on Friday, in line with the firmer key Asian markets and a rebound in crude oil prices.

At 9.22am, the KLCI was up 3.29 points or 0.19% to 1,722.34. Turnover was 195.08 million shares valued at RM125.81mil. There were 147 gainers, 136 losers and 188 counters unchanged.

Kenanga Investment Bank Research cautioned that whilst the momentum indicators have begun to show some improvement in recent days, the KLCI’s primary trend remains bearish. 

“As such we see any near-term relief to be mired by sellers at the 1,729 (R1) or 1,734 (R2) resistance levels. 

“As for the downside, support levels to watch include 1,714 (S1), where a break below could trigger a capitulation towards 1,700 (S2) below,” it said.

Sime Plantations rose 22 sen to RM5.38, shrugging off the earlier dismal performance during its Nov 30 listing. 

Petronas Dagangan added 16 sen to RM24.66 while Petron gained 10 sen to RM12.38.

Ajinomoto rose 24 sen to RM20.20, PMB Tech 16 sen to RM3.99 while EIG gained 6.5 sen to 71 sen.

However, SAPURA ENERGY tumbled 16.5 sen to a fresh low of 80 sen after its disappointing results. 

Analysts were mixed on its outlook but CIMB Equities Research sees value emerging in Sapura Energy after the sharp sell-off on Thursday after its 9MFY1/18 core net loss of RM186mil was almost four times higher than its previous loss forecast, while consensus had forecast a profit.

Nestle came off its recent surge, down RM3.40 to RM99 with 800 shares done.

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