Sustained momentum pushes KLCI past 1,550

  • Markets
  • Thursday, 04 Jun 2020

KUALA LUMPUR: The FBM KLCI leapt higher on Thursday amid the ongoing lift in global equities prices, with banks at the forefront of the advance.

At 9.10am, the benchmark index was up 12.99 points to 1,551.52. Trading volume climbed to 684.62mil with a value of RM364.3mil.

Following the rally in the previous session, Kenanga raised its technical resistance and support levels for the index.

"On the chart, our resistance-turned-support levels are identified at 1,530 (S1) and 1,500 (S2). On the upside, our resistance levels are raised to 1,570 (R1) and 1,600 (R2)," it said.

Bank stocks are seeing a strong push higher for a second day as optimism over the economic outlook continued to grow.

Among the leading gainers, Maybank jumped 18 sen to RM8.16, Hong Leong Bank climbed 78 sen to RM15.80, while Hong Leong Financial Group rose 80 sen to RM15.80.

Among stocks in the spotlight, AirAsia jumped five sen to 87.5 sen on news that the cash-strapped airline was considering a 10% private placement to South Korea's SK Corp for RM1 a share. Meanwhile, AirAsia X rose 0.5 sen to 11 sen.

The two counters were the second and third most actively traded stocks in the opening minutes of trade.

Sapura Energy, the most active stock, rose one sen to 11 sen.

Oil prices took a step backwards after having breached the US$40 mark in previous session trading.

According to Reuters, investors were turning cautious over the timing and scale of expected production cuts by Opec and its allies.

Brent fell 29 cents to US$39.50 a barrel while US crude dropped 41 cents to US$36.81 a barrel.
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Bursa Malaysia , FBM KLCI , crude oil , equities


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