KLCI continues advance, tracking Wall St’s record performance

KUALA LUMPUR: The FBM KLCI bounced higher shortly after a softer open as some investors cashed in their chips following gains in the previous session

Asian markets were led higher by a jump in US equities overnight on news of the US and China agreeing to roll back some existing trade tariffs.

At 9.13am, the local index was up 1.14 points to 1,610.47. Trading volume was 243.19 million shares valued at RM105.29mil.

There were 198 advancing stocks versus 102 decliners and 224 unchanged.

In its pre-market open report, Kenanga research remained positive over the outlook as the FBM KLCI continued to chart higher above the 20- and 50-day simple moving averages.

“From here on, overhead resistance can be seen at 1,630 (R1) and 1,650 (R2). Conversely, key support levels can be found at 1,570 (R1) and 1,550 (R2),” it said.

Spring Art, which made its debut on the ACE Market today, was the most actively traded counter. It rose as much as one sen over its listing price of 25 sen.

Netx also saw heavy trading interest, up 0.5 sen to 2.5 sen while Xinghe added two sen to 26 sen.

Amng the heavyweights, Genting added six sen to RM6.23 while Digi climbed dour sen to RM4.73.

Plantation counter KL Kepong led the decline, losing 42 sen to RM22.50.

This was followed by PPB dropping 20 sen to RM18.10, Hong Leong Financial Group falling 18 sen to RM17.30 and Hong Leong Bank sliding 14 sen to RM16.96.

Source: TheStar