KUALA LUMPUR: Blue chips advanced early Monday led by Petronas Dagangan while the broader market was firmer but Perdana Petroleum tumbled when it resumed trading.
At 9.20am, the KLCI was up 1.93 points or 0.11% to 1,755. Turnover was 239.73 million shares valued at RM112.70mil. There were 216 gainers, 123 losers and 226 counters unchanged.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.14%, after US stocks ended the previous session with mild gains . Japanese stocks rose 0.96%, Reuters reported.
Kenanga Investment Bank Research expects the KLCI to take a short pause after the recent gains where there may be near-term consolidation between (S1) support at 1,750 and upper (R1) resistance at 1,765 until the RSI moderates.
“Thereafter, any decisive breakthrough from R1 may lead to a bullish advancement toward 1,800 (R2). Conversely, 1,729 (S2) could be the next support should S1 is broken,” it said.
Reuters reported oil markets were stable on Monday, hovering around Friday's levels as a lack of conclusive market indicators prevented prices from swinging either way.
US West Texas Intermediate (WTI) crude futures were at US$57.33 a barrel at 0105 GMT, up three cents from their last settlement. Brent crude futures were unchanged at US$63.24 a barrel.
At Bursa Malaysia, Hengyuan rose 34 sen to RM13.16, Petronas Dagangan added 24 sen to RM24.54 but Perdana hit limit-down, falling 30 sen to 66 sen with 24,000 shares done.
Kenanga Investment Bank Research said Perdana was expected to adjust sharply from the last traded price of RM1.54, given the accumulated RM160mil losses in the past two year while the oil & gas sector was hit by one of the worst business environments.
Ajinomoto rose rose 18 sen to RM20.88, Hong Leong Industries added 15 sen to RM9.79, KESM gained 10 sen to RM19.66.
Press Metal
rose seven sen to RM16.98, Press Metal seven sen to RM5.05, Gamuda and Top Glove inched up six sen each to RM4.81 and RM6.98.
However, MPI came under some profit taking, falling 30 sen to RM11.70, SPB lost 20 sen to RM5.30, Hong Leong Bank lost 14 sen to RM16.52 and Maybank nine sen lower RM9.45.
