KUALA LUMPUR: The FBM KLCI rebounded and opened slightly higher on Thursday, Sept 23, buoyed by early gains at Tenaga, MMC Corp, PPB and Petronas Gas.
At 9.05am, the benchmark index was up 1.50 points to 1,476.25. Gainers led losers by 95 to 43, while 81 counters traded unchanged. Volume was 26.87 million shares valued at RM14.72 million.
HLG Research in a note on Thursday said the underlying market tone remains firm despite ongoing consolidation, following the rotational plays from overbought blue chips to small to mid caps whilst daily trading volume remained healthy around 800 million to one billion shares.
"We maintain our view that current consolidation should be shallow and once the overbought momentum readings are neutralise, the FBM KLCI is likely to resume its upward trajectory to test 1,490 (Jan 8, 2008's intraday high), the 1,500-point psychological hurdle and all-time high of 1,524 points," it said.
Among the early gainers, PPB rose 20 sen to RM17.56, MMC Corp added seven sen to RM2.96, Petronas Gas rose six sen to RM10.98 and Tenaga was up four sen to RM9.08.
Other gainers included QSR Brands, Vitrox, Lay Hong, DRB-Hicom and KNM.
Karambunai was the most actively traded stock with 6.4 million shares done. The stock gained one sen to nine sen, following reports on an online portal that Malaysia appeared to have jumped on the integrated resort (IR) bandwagon with the unveiling today of a proposed 500-acre "eco-nature" resort in Sabah by Pemandu at the Economic Transformation Plan (ETP) open day.
Losers in early trade on Thursday included BAT, Latexx, AirAsia, JCY International, Genting and SEG International.
At 9.05am, the benchmark index was up 1.50 points to 1,476.25. Gainers led losers by 95 to 43, while 81 counters traded unchanged. Volume was 26.87 million shares valued at RM14.72 million.
HLG Research in a note on Thursday said the underlying market tone remains firm despite ongoing consolidation, following the rotational plays from overbought blue chips to small to mid caps whilst daily trading volume remained healthy around 800 million to one billion shares.
"We maintain our view that current consolidation should be shallow and once the overbought momentum readings are neutralise, the FBM KLCI is likely to resume its upward trajectory to test 1,490 (Jan 8, 2008's intraday high), the 1,500-point psychological hurdle and all-time high of 1,524 points," it said.
Among the early gainers, PPB rose 20 sen to RM17.56, MMC Corp added seven sen to RM2.96, Petronas Gas rose six sen to RM10.98 and Tenaga was up four sen to RM9.08.
Other gainers included QSR Brands, Vitrox, Lay Hong, DRB-Hicom and KNM.
Karambunai was the most actively traded stock with 6.4 million shares done. The stock gained one sen to nine sen, following reports on an online portal that Malaysia appeared to have jumped on the integrated resort (IR) bandwagon with the unveiling today of a proposed 500-acre "eco-nature" resort in Sabah by Pemandu at the Economic Transformation Plan (ETP) open day.
Losers in early trade on Thursday included BAT, Latexx, AirAsia, JCY International, Genting and SEG International.
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