KLCI rebounds following Friday's sell-off

  • Markets
  • Monday, 02 Dec 2019

KUALA LUMPUR: The FBM KLCI rebounded on Monday following the sharp sell-off at the previous week's close, but failed to close above the 1,570 level.

In its technical outlook, Kenanga research said the index had taken on a bearish mood following Friday's losses, although there was opportunity for positive retracement.

"Chart-wise, the index has broken below all the key SMAs coupled with bearish signal from MACD, however, the stochastic is at oversold level, hence we do not discount the possibility of rebounding in near future.

"From here on, overhead resistance can be seen at 1,630 (R1) and 1,650 (R2). Conversely, key support levels can be found at 1,550 (R1) and 1,540 (R2)," it said.

At 12.30pm, the index was up 6.53 points to 1,568.27. Trading volume was 1.16 billion shares valued at RM577.57mil. There were 404 gainers compared to 305 decliners and 339 counters unchanged.

Leading gains, Sime Darby Plantation lifted in the morning session, adding 12 sen to RM5.10.

Among telcos Maxis rose seven sen to RM5.25 and Digi rose four sen to RN4.52 while Axiata was flat at RM4.13.

Banks were firmer with Public Bank gaining two sen to RM19.64, Maybank adding one sen to RM8.54, CIMB rising one sen to RM5.19 and Hong Leong Bank climbing 10 sen to RM17.

On the broader market, Solarvest remained the most actively traded counter, jumping 8.5 sne ot 85.5 sen.

Other stocks seeing heavy trading included MNC, flat at 2.5 sen and SAPURA ENERGY down 0.5 sen to at 27 sen.

Oil markets jumped on Monday as rising Chinese manufacturing activityu pointed to higher fuel demand while Opec hinted that it may deepen output cuts at its meeting this week.

US crude climbed 92 cents to US$56.09 a barrel and Brent crude rose 75 cents to US$61.24 a barrel.

In currencies, the ringgit was down 0.1% to 4.1775. It was flat at 5.3952 against the pound sterling and unchanged at 3.0526 against the Singapore dollar.
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