KUALA LUMPUR: Bursa Malaysia continued its upward momentum in early trade Tuesday supported by year-end window dressing activities.
The FBM KLCI added 6.47 points to 1,540.26 at 9.32am. It opened 2.07 points higher at 1,535.98.
Overnight, the Dow Jones Industrial Average added 0.98%, to 36,302.38. The S&P 500 rose 1.38% to 4,791.19 and closed at a record. The Nasdaq Composite gained 1.39% to 15,871.26.
TA Securities said the broader market should extend range bound muted trade, while index heavyweights continue to be propped up by window-dressing interest into the year-end.
“Immediate index resistance is revised upwards to 1,550, with 1,580 and 1,600 as subsequent tougher upside hurdles ahead.
“Immediate supports are hence reset to 1,520, then 1,500, next will be the recent low of 1,475, while key chart supports at 1,470 and 1,452, the 50% Fibonacci Retracement (FR) matching the Nov 2020 low, should cushion downside,” it added.
JF Apex Research said the FBM KLCI could extend its rebound towards the resistance of 1,550 following the bullish momentum and year-end window dressing.
On Bursa Malaysia, Genetec jumped 58 sen to RM37.90, Nestle added 40 sen to RM133.40 and F&N gained 26 sen to RM25.06.
SHH Resources fell 11.5 sen to 43 sen, Kuala Lumpur Kepong lost 10 sen to RM21.52 and Pecca declined five sen to 39.5 sen.