FBM KLCI stays firm as elevated crude prices offer support


  • Markets
  • Friday, 28 Jan 2022

KUALA LUMPUR: The domestic market was seen rising in early trade, a day after it outperformed regional markets that had been spooked by the US Federal Reserve's hawkish statement on interest rates.

At 9.05am, the FBM KLCI was up 3.04 points to 1,519.03. There were 130 gainers compared to 70 decliners to give the market a positive breadth.

"We remain bullish on the plantation and energy sectors at least for the near term amid the uptrend cycle in crude palm oil and crude oil prices.

"Besides, traders may find opportunity in the technology sector on the back of strong results from Apple, while building material segments may stay positive amid selected metal-related rallies," said Malacca Securities Research in a report.

However, the research firm noted that the technical indicators remains negative with the MACD histogram extending a negative bar and the RSI hovering below 50 points.

On Bursa, Petronas Chemicals rose eight sen to RM8.98, IHH gained eight sen to RM6.46 and Nestle climbed 50 sen to RM133.50.

In banks, Public Bank gained one sen to RM4.22, CIMB rose three sen to RM5.28, CIMB added three sen to RM5.28 and Hong Leong Bank jumped 10 sen to RM19.50. Maybank slipped one sen to RM8.29.

Technology stocks were slightly improved following strong earnings by Apple Inc, which boosted the US Nasdaq overnight. Bursa Malaysia's Technology Index rose 0.1%.

Top actives on the market were DNeX rising 0.5 sen to 92.5 sen, Hibiscus gaining 0.5 sen to 97.5 sen and Artroniq falling 0.5 sen to 58 sen.
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Bursa Malaysia , FBM KLCI , equities

   

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