KUALA LUMPUR: The FBM KLCI rose above the 1,390-level at the mid-day break on Thursday, Aug 19, lifted by gains at banking stocks and key blue chips, including CIMB, Tenaga, Maybank and PLUS.
At 12.30pm, the benchmark index rose 5.49 points to 1,391.00. However, losers edged gainers by 319 to 308, while 263 counters traded unchanged. Volume was 485.84 million shares valued at RM757.31 million.
Crude palm oil futures for the third month delivery fell RM28 per tonne to RM2.582; crude oil shed 17 US cents per barrel to US$75.25 (RM235.53) while fell 25 US cents per ounce to US$1,229.20.
RHB Research Institute Sdn Bhd in a note Aug 19 had said that based on the current chart layout and healthy rotational plays on core blue chips, the FBM KLCI could challenge the immediate resistance level of 1,390 and 1,400 psychological level, as early as Thursday.
Technically, if it can overcome these barriers on follow-through buying momentum, the chart will point to a higher target at 1,450, it said.
On the other hand, failure to surpass these hurdles will exaggerate the selling momentum and cause a pullback on the chart, said the research house.
RHB Research said the short-term momentum readings had reached the grossly overbought region to indicate a potential reversal on the current buying mode, nonetheless.
"But, for now, we are banking on the bullish short-, medium- and long-term outlook on the FBM KLCI, due to the recent outstanding performance.
"The current uptrend will change only if the index loses the strong support near the 10-day SMA of 1,364 and the major resistance-turn-support level of 1,350," it said.
Among the major gainers, CIMB added 12 sen to RM7.62, PLUS up 10 sen to RM3.97, Tenaga added eight sen to RM8.70, Maybank and AMMB up six sen each to RM8.03 and RM5.57 respectively, while Public Bank and RHB Capital rose two sen each to RM12.02 and RM6.62 respectively.
Dutch Lady and Batu Kawan rose 20 sen each to RM14.60 and RM11.80 respectively, LPI Capital up 18 sen to RM18.18, BHIC added 13 sen to RM4.63 and Petronas Dagangan gained 12 sen to RM10.40.
Among the decliners, DFZ Capital lost 22 sen to RM3.46. Cepco down 21 sen to RM2.10, SEG International fell 16 sen to RM2.57, Asia File and Hexagon lost 12 sen each to RM4.26 and 63 sen respectively, while Panasonic and APM Automotive fell 10 sen each to RM19.50 and RM4.81 respectively.
SIG Gases was the most actively traded stock this morning. The stock added five sen to 94 sen. Other actives included TMC Life, Kumpulan Europlus, Carotech, Berjaya Retail and Mieco.
Meanwhile, Asian markets traded higher with Japan's Nikkei 225 rising 1.11% to 9,343.20, Hong Kong's Hang Seng Index up 0.98% to 21,229.72, the South Korean Kospi Index up 0.96% to 1,778.82, Singapore's Straits Times Index up 0.68% to 2,939.13, the Taiwan Taiex up 0.29% to 7,949.09 while the Shanghai Composite Index added 0.42% to 2,677.41.
At 12.30pm, the benchmark index rose 5.49 points to 1,391.00. However, losers edged gainers by 319 to 308, while 263 counters traded unchanged. Volume was 485.84 million shares valued at RM757.31 million.
Crude palm oil futures for the third month delivery fell RM28 per tonne to RM2.582; crude oil shed 17 US cents per barrel to US$75.25 (RM235.53) while fell 25 US cents per ounce to US$1,229.20.
RHB Research Institute Sdn Bhd in a note Aug 19 had said that based on the current chart layout and healthy rotational plays on core blue chips, the FBM KLCI could challenge the immediate resistance level of 1,390 and 1,400 psychological level, as early as Thursday.
Technically, if it can overcome these barriers on follow-through buying momentum, the chart will point to a higher target at 1,450, it said.
On the other hand, failure to surpass these hurdles will exaggerate the selling momentum and cause a pullback on the chart, said the research house.
RHB Research said the short-term momentum readings had reached the grossly overbought region to indicate a potential reversal on the current buying mode, nonetheless.
"But, for now, we are banking on the bullish short-, medium- and long-term outlook on the FBM KLCI, due to the recent outstanding performance.
"The current uptrend will change only if the index loses the strong support near the 10-day SMA of 1,364 and the major resistance-turn-support level of 1,350," it said.
Among the major gainers, CIMB added 12 sen to RM7.62, PLUS up 10 sen to RM3.97, Tenaga added eight sen to RM8.70, Maybank and AMMB up six sen each to RM8.03 and RM5.57 respectively, while Public Bank and RHB Capital rose two sen each to RM12.02 and RM6.62 respectively.
Dutch Lady and Batu Kawan rose 20 sen each to RM14.60 and RM11.80 respectively, LPI Capital up 18 sen to RM18.18, BHIC added 13 sen to RM4.63 and Petronas Dagangan gained 12 sen to RM10.40.
Among the decliners, DFZ Capital lost 22 sen to RM3.46. Cepco down 21 sen to RM2.10, SEG International fell 16 sen to RM2.57, Asia File and Hexagon lost 12 sen each to RM4.26 and 63 sen respectively, while Panasonic and APM Automotive fell 10 sen each to RM19.50 and RM4.81 respectively.
SIG Gases was the most actively traded stock this morning. The stock added five sen to 94 sen. Other actives included TMC Life, Kumpulan Europlus, Carotech, Berjaya Retail and Mieco.
Meanwhile, Asian markets traded higher with Japan's Nikkei 225 rising 1.11% to 9,343.20, Hong Kong's Hang Seng Index up 0.98% to 21,229.72, the South Korean Kospi Index up 0.96% to 1,778.82, Singapore's Straits Times Index up 0.68% to 2,939.13, the Taiwan Taiex up 0.29% to 7,949.09 while the Shanghai Composite Index added 0.42% to 2,677.41.
No comments:
Post a Comment