FBM KLCI to extend bargain-hunting activities

KUALA LUMPUR: Bursa Malaysia remained mildly upbeat on Friday as some stability returned to global markets following the US Federal Reserve's comments on the future of US fiscal policy and as anxieties eased in China's property market.

At 9.05am, the FBM KLCI was up 0.62 points to 1,539.96, as stock prices stayed firm following yesterday's rally.

"We think there will be more immediate upsides for Malaysian equities towards the end of the week on the bck of the extended bargain-hunting actibities with the key index now finding stability at current levels.

"With further clarity on US fiscal policy direction and the calmer Chinese markets, this would help to provide some measure of stability after enduring a volatile spell over the past couple of weeks," said Malacca Securities Research.

From a technical perspective, the FBM KLCI technical indicators have now turned mixed as the MACD Histogram has turned green while the RSI remained below the 50% level.

Resistance is located at 1,550-1560 while support is pegged to 1,515, said the research house.

Among the blue-chips, IHH was up six sen to RM6.70 and Press Metal rose two sen to RM5.72.

Petronas Chemicals gained three sen to RM8.11 while Tenaga Nasional edged one sen higher to RM10.

Banks however dragged on the market as Maybank slipped three sen to RM8.12 while Public Bank dipped one sen to RM4.05 and CIMB was down three sen to RM4.84.

Top actives on the broader market were Sapura Energy unchanged at 11.5 sen, DNex down 1.5 sen to 1.5 sen and AirAsia X up 0.5 sen to nine sen.
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Bursa Malaysia , FBM KLCI , equities


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