Technical charts show continuing rally on KLCI

  • Markets
  • Monday, 01 Jun 2020

KUALA LUMPUR: Bursa Malaysia seems determined to carry forward the momentum it saw last week despite caution over the civil protests in the US that threaten to derail the country's economic recovery.

Malaysia's benchmark index entered into a bull market in last Friday's session as it had recovered more than 20% of the value from its March trough.

In its technical outlook, Kenanga research was positive over the recent development.

"Following the formation of a 'Golden Cross', the index managed to close the gap that was opened during the mid-March market meltdown, which sees it now trading above all of its key-SMAs.

"On the chart, our support levels stand at 1,400 (S1) and 1,360 (S2). On the upside, our resistance levels are raised to 1,500 (R1) and 1,570 (R2)," it said.

At 9.05am, the FBM KLCI was up 4.7 points to 1,477.95. Trading picked up the pace early at 576.4 million units valued at RM301.89 in the first five minutes of trade.

Leading the gains, investors remained confident over the growing demand for rubber gloves, further shoring up the valuations of manufacturers.

Top Glove jumped 48 sen to RM13.78 and Hartalega added 16 sen to RM12.70.

Among smaller rivals, Kossan grew 26 sen to RM8.96, Rubberex climbed 20 sen to RM3.76 and Supermax rose 18 sen to RM7.88.

There was some retreat among the heavyweights, led by Petronas Dagangan slipping 98 sen to RM22.50. PPB dropped 36 sen to RM17, Petronas Chemicals shed 14 sen to RM6.16 and Digi dropped 12 sen to RM4.43.

Tenaga meanwhile gained 26 sen to RM11.52.

Of actives, XOX was down one sen to seven sen, K1 climbed 6.5 sen to 38.5 sen and AT grew 0.5 sen to 6.5 sen.

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