KUALA LUMPUR: Blue chips advanced early Friday, underpinned by gains in Tenaga Nasional and HLFG while Supermax was in focus after its stronger earnings.
At 9.07am, the KLCI was up 5.22 points or 0.31% to 1,712.14. Turnover was 167.10 million shares valued at RM64mil. There were 174 gainers, 74 losers and 109 counters unchanged.
Sentiment on the local bourse was given a push by the firmer overnight close on Wall Street but Kenanga Research was a bit more cautious.
“We continued to believe the local index is likely to trade with a downside-bias to re-test the support levels at 1,700 (S1), no thanks to the still thin trading volume and weaknesses seen in momentum indicators.
“Should the index break below the aforementioned 1,700 (S1) level, the next support level can be identified at 1,658 (S2). Conversely, resistance levels are capped at 1,735 (R1) and 1,800 (R2),” it said.
Oil prices dipped as record crude output by the world's top-three producers offset supply concerns from the start of U.S. sanctions next week against Iran's petroleum exports, Reuters reported.
Brent futures fell three cents to US$72.86 per barrel and US West Texas Intermediate (WTI) crude futures were down 16 cents at US$63.53 a barrel.
At Bursa, Tenaga rose 10 sen to RM14.66 while HLFG added 36 sen to RM18.60.
Glove maker Supermax rose 18 sen to RM3.42. CIMB Equities Research forecasts it to record stronger earnings from 2QFY19 onwards.
KESM rallied 54 sen to RM11.58, Vitrox 17 sen to RM7.50 and Penntamaster 14 sen to RM3.39 but Inari fell five sen to RM1.94.
MSM fell 24 sen to RM3.08 in razor thin trade, Dialog and LC Tiitan shed three sen each to RM3.32 and RM4.26.