KLCI, Asian markets climb on continued optimism over economy

  • Markets
  • Thursday, 26 Dec 2019

KUALA LUMPUR: The FBM KLCI started on a positive note on Boxing Day as the optimism over a more robust economy in 2020 helped to lift the domestic market.

Other key Asian markets were similarly positive, led by Japan's Nikkei rising 0.5% and South Korea's Kospi gaining 0.2%.

At 9.10am, the local index was up 0.98 points to 1,605.21. Trading volume was 75.7 million shares valued at RM31.42mil. There were 132 gainers versus 87 decliners and 168 counters unchanged.

In its technical outlook, Kenanga research expects the market to trend higher after closing above the key simple moving averages some days earlier, while the MACD is giving a bullish signal.

"From here, expect the index to test resistance levels at 1,630 (R1) and 1,650 (R2). Meanwhile, support levels to watch out for are 1,550 (S1) and 1,540 (S2)," it said.

Heavyweights making headway in early trade were Petronas Chemicals up seven sen to RM7.44, Hartalega gaining six sen to RM5.48 and MISC adding four sen to RM8.47.

On the losing end, Public Bank was down 10 sen to RM19.72 and Top Glove dropped five sen to RM4.74.

Top actives were Sino Hua-An up one sen to 14 sen, Perdana Petroleum rising 0.5 sen to 40.5 sen and London Biscuits gaining one sen to 14 sen.
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