KUALA LUMPUR: Investor sentiment firmed up early Monday on continued buying interest in Public Bank while key Asian markets displayed a resilient mood.
At 9.19am, the FBM KLCI was up 4.9 points or 0.26% to 1,866.40. Turnover was 460.77 million shares valued at RM186.70mil. There were 296 gainers, 133 losers and 259 counters unchanged.
Asian markets were in a guardedly upbeat mood on Monday, heading into an event-packed week headlined by US inflation data and the first House testimony by the new head of the Federal Reserve, Reuters reported.
A modest improvement in risk appetite saw the safe-haven yen lost ground, while MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.3%. Japan's Nikkei climbed 1.4% and E-Mini futures for the S&P 500 rose 0.1%.
Kenanga Research said the market’s momentum indicators are turning increasingly positive.
It thinks that the KLCI is resilient enough to withstand the volatility in the global market and will continue to recover from the losses made earlier in the month.
“Expect a retest at 1,883 (R1). A break above R1 will attract buying momentum that will see the index at 1,910 (R2). Reluctance to go beyond R1 will see firm support levels at 1,798 (S1) and 1,771 (S2),” it said.
Commenting on last Friday’s results, Kenanga Research said the reporting card was a disappointment with half of the 12 results releases coming below expectations, only two results beat forecasts while the remaining four earnings within expectations.
Among the KLCI stocks, Petronas Dagangan rose 26 sen to RM25.80 with 100 shares done. Public Bank gained 20 sen to RM23.
Dutch Lady
was the top gainer, up 52 sen to RM67.
Metro Healthcare, which made its debut on the LEAP Market, was up 10 sen to 33 sen with 5,000 shares done.
Scientex gained 23 sen to RNM8.90, Petron 18 sen to RM11.66, Kobay 17 sen to RM1, Genting Plantation 14 sen to RM9.89 and Hengyuan 12 sen to RM15.20.
Pintaras was the top loser, down 15 sen to RM3.60, Sarawak Plantation nine sen to RM1.70 while also down nine sen was HSS Engineering to RM1.54 and Dayang 7.5 sen lower at 76.5 sen.
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