KUALA LUMPUR: Bursa Malasia joined other regional equity markets in a rebound in Monday morning trade following Friday's positive US jobs data report.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2% on top of 0.7% rally on Friday despite the launch of U.S. tariffs on Chinese imports.
Japan's Nikkei rallied in early Monday trade, rising as much as 1%.
However, in its technical outlook, Kenanga Research remains bearish on the local index.
"Negative outlook of the index remains at this juncture as there is no
sign of potential trend reversal. Momentum indicators are mostly continuing downward movements to further affirm a bearish outlook ahead.
"From here, key investor may buy-on-dips with lower support at 1,615 (S1) and 1600 (S2) psychological support. Conversely resistances can be identified at 1,720 (R1) and 1,760 (R2)."
At 9.20am, the FBM KLCI was up 2.47 points to 1,666.33. There were 219.73 million shares traded with a value of RM153.58mil. There were 193 decliners versus 125 advancers and 189 counters unchanged.
Top Glove was in the spotlight following the announcement that it was taking legal action against the vendors of Aspion, a recent purchase that was seen to give the company earnings upsides.
The counter plunged RM3.34 or 27% to RM8.76. Warrants for the counter were also under water. TOPGLOV-C34 dropped 7.5 sen to 15 sen while TOPGLOV-C31 fell 16 sen t0 10.5 sen.
Other stocks in the red in early trade included KL Kepong, dropping 44 sen to RM23.80, Kossan, shedding 25 sen to RM8.25 and Hong Leong Bank, losing 20 sen to RM18.
Some heavyweights rose to pull up the FBM KLCI. Tenaga Nasional added 24 sen to RM14.50, Nestle gained 20 sen to RM147.80 and Petronas Gas gained 16 sen to RM17.08.
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