At midday, the benchmark FBM KLCI was 7.17 points higher to close at 1,643.67, after moving between 1,648.69 and 1,634.14 throughout the morning trading session.
The index opened 3.26 points higher at 1,639.76 this morning. So far this week, the index rose 2.9%.
There were 350 gainers, 370 decliners while 348 counters unchanged on Bursa Malaysia. Turnover stood at 1.27 billion shares worth RM1.12bil.
Dealers said the performance of our local bourse was lifted by buying interest in heavy weight counters led by Sime Darby Plantations, CIMB Group and Tenaga Nasional Bhd.
JF Apex Research said the technical indicators for FBM KLCI were positive with the RSI rising towards the overbought zone while the MACD crossed above its signal line.
In February, the index failed to breach the 200-day moving average and then corrected downwards.
“After this week’s surge, the index could broke the resistance of 1625 points and the downtrend channel since February. After testing the 50-day moving average yesterday, the FBM KLCI could extend its uptrend towards the next resistance at 1,660 points,” the research house siad.
Among the component stocks, CIMB rose nine sen to RM5.30, Sime Darby Plantation gained 11 sen to RM4.67, Tenaga added 12 sen to RM12.52 and Hong Leong Bank advanced 28 sen to RM19.
Heineken jumped 86 sen to RM24.30, Bursa rose 43 sen to RM6.47 while Petronas Dagangan gained 36 sen to RM25.68.
The losers on Bursa Malaysia included Nestle, Dutch Lady and Fraser & Neave. Nestle fell 60 sen to RM146.70, Dutch Lady shed 50 sen to RM63 and F&N declined 22 sen to RM33.99.
Elsewhere in the region, Japan’s Nikkei tumbled to a more than three-month low. The Nikkei share average fell 1.07% to 20,718.36. In Hong Kong, the Hang Seng index dropped 0.2% to 27,066.11, having lost 8.9% in May so far.
China’s blue-chip CSI300 index rose 0.1% to 3,643.39 at the end of the morning session, while the Shanghai Composite Index was unchanged at 2,906.01
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