KUALA LUMPUR: Geopolitical worries cast a pall of gloom over key Asian markets on over the possibility of a US-led air strike against Syria while at Bursa Malaysia, the FBM KLCI managed to eke out small gains only.
At 9.25am, the KLCI was up 0.72 point or 0.04% to 1,870.61. Turnover was 637.48 million shares valued at RM252.29mil. There were 222 gainers, 199 losers and 221 counters unchanged.
Kenanga Research said despite the KLCI has been closing above all key SMAs, the overall technical outlook will still be range bound between 1,840 (S1) and 1,880 (R1), as supported by the MACD currently in bearish divergence.
“Expect mild upside bias in the near-term where resistance level 1,880 (R1) has to be taken out decisively before next advancement towards higher resistance at 1,910 (R2). Conversely, a decisive break below 1,840 (S1) would be highly negative, potentially triggering a capitulation towards 1,800 (S2),” it said.
As for the ringgit, AmBank Research expects the ringgit to trade between its support level of S1: 3.8638 and S2: 3.8583 while the resistance is pegged at R1: 3.8792 and R2: 3.8850 as it noticed gradual pick up in the RSI levels.
“Key focus of the day are February Malaysia unemployment rate and retail sales,” it said.
F&N was the top gainer, up 62 sen to RM33.46 while Carlsberg added 30 sen to RM19.90 and Ajinomoto 28 sen to RM22.96.
Hengyuan rose 36 sen to RM9.31 and Petronas Gas 26 sen to RM18.26. Sapura Energy
was the most active, up five sen to 69.5 sen with 144 million shares done while UMW OG edged up 0.5 sen to 30 sen with 35.2 million units done.
Hong Leong Bank gained 18 sen to RM18.90, Tenaga 12 sen to RM15.98, Top Glove 10 sen higher att RM10.26 and KL Kepong up eight sen to RM25.56.
CMSB was the top loser, down 21 sen to RM4.19, Kobay nine sen to RM1.06 and ABMB eight sen to RM4.27 and UMW seven sen to RM6.11.
Kesm fell 16 sen to RM17.30, MPI and Globetronics eight sen lower at RM8.52 and RM4.70.
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