KUALA LUMPUR: Local fund buying helped blue chips advance early Thursday with Public Bank and Petronas Gas underpinning the FBM KLCI’s gains while My EG Services and George Kent – two counters which had been battered this week - saw active trade.
At 9.30am, the KLCI was up 7.16 points or 0.39% to 1,865.42. Turnover was 503.55 million shares valued at RM380.62mil. There were 292 gainers, 169 losers and 217 counters unchanged.
Kenanga Research said technically, the underlying trend for the benchmark index remains positive, as evidenced by key SMAs in a “Golden Cross”, although indicators could also suggest some overhang weakness in the short-term.
“From here, look towards a decisive break-above the 1,880 (R1) resistance as an affirmative bullish sign, with the next resistance at 1,910 (R2).
“Conversely, keen investors may buy on dips at 1,840 (S1) and 1,800 (S2) support levels,” it said.
Meanwhile, Reuters reported Asian shares held steady on Thursday, while the euro struggled near five-month lows set a day earlier following a report that Italian populist parties trying to form a coalition could ask the European Central Bank to forgive 250 billion euros of debt.
In equity markets, MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, while Japan's Nikkei gained 0.4% and South Korea's KOSPI rose 0.4%.
At Bursa Malaysia, Petronas Gas rose 20 sen to RM17.70 and Public Bank 18 sen higher at RM24.68.
BAT was the top gainer, up 94 sen to RM32.50 after recent upgrades by analysts. Dutch Lady
added 70 sen to RM70 and F&N gained 52 sen to RM37.02 while Ajinomoto gained 30 sen to RM23.10 and Carlsberg 22 sen to RM19.70. Heineken lost 28 sen to RM22.70.
My EG was the most active with 141.89 million shares done. It fell two sen to RM1.25, but off the low of RM1.07.
George Kent lost 13 sen to RM1.81 with 29.30 million shares done. Its early low was RM1.67.
Amway fell the most, down 31 sen to RM8.09, Tasek 18 sen to RM8, UMW 12 sen to RM6.15 and Willowglen 10 sen to RM1.05.
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