KUALA LUMPUR: The FBM KLCI breached the psychologically crucial 1,500-point level on Wednesday, Oct 27, lifted by gains including at Public Bank, DiGi and AMMB.
At 10am, the 30-stock index was up 4.72 points to 1,501.66. Gainers led losers by 288 to 168, while 246 counters traded unchanged. Volume was 287.93 million shares valued at RM311.12 million.
RHB Research Institute Sdn Bhd said in view of the performance on the FBM KLCI on Tuesday, the index will march higher to above the 1,500 psychological level and the recent high of 1,503.82 soon, if the robust buying interests continue in the near term.
Upon removal of 1,503.82, the bulls will lift the market higher and aim the index towards the all-time high at 1,524.69 next, it said.
"Moreover, given the strong demand on the PLANTATION [] counters on the back of the rallying CPO futures of late, and the renewed buying interests on the banking counters, we are of the view that the local benchmark index is likely to uphold its recovery mode today.
"Immediate support is near the 10-day SMA of 1,491. Only if the index loses this level will we start to turn negative on short-term trading sentiment. Otherwise, we will keep our positive bias view on the FBM KLCI," it said in a note on Wednesday.
Among the gainers, MTD Capital rose RM1.15 to RM7.50, Tasek was up 20 sen to RM6.70, CONCRETE ENGINEERING PRODUCTS [] added 18 sen to RM2.30, Public Bank and DiGi rose 14 sen each to RM12.86 and RM24.80, Tradewinds and AMMB added 12 sen each to RM4.12 and RM6.19, Kulim up 11 sen to RM9.81 while Plenitude added 10 sen to RM4.99.
Among the decliners, Nestle fell 20 sen to RM43.80, United Plantations, APM Automotive and F&N lost 10 sen each to RM16.90, RM5.10 and RM14 while Hap Seng, DFZ Capital and Tenaga lost seven sen each to RM3.78, RM3.54 and RM8.81 respectively.
L&G was the most actively traded stock at mid-morning with 19.2 million shares done. The stock gained 2.5 sen to 54.5 sen. Other actives included PLUS, Karambunai, Scomi, Jaks, Carotech and Petra.
At the regional markets, Japan's Nikkei 225 rose 0.69% to 9,441.74, Singapore's Straits Times Index gained 0.24% to 3,169.98 while Hong Kong's Hang Seng Index opened flat at 23,601.84.
The Shanghai Composite Index shed 0.64% to 3,021.97, the South Korean Kospi fell 0.38% to 1,912.17 and the Taiwan's Taiex fell 0.15% to 8,330.50.
At 10am, the 30-stock index was up 4.72 points to 1,501.66. Gainers led losers by 288 to 168, while 246 counters traded unchanged. Volume was 287.93 million shares valued at RM311.12 million.
RHB Research Institute Sdn Bhd said in view of the performance on the FBM KLCI on Tuesday, the index will march higher to above the 1,500 psychological level and the recent high of 1,503.82 soon, if the robust buying interests continue in the near term.
Upon removal of 1,503.82, the bulls will lift the market higher and aim the index towards the all-time high at 1,524.69 next, it said.
"Moreover, given the strong demand on the PLANTATION [] counters on the back of the rallying CPO futures of late, and the renewed buying interests on the banking counters, we are of the view that the local benchmark index is likely to uphold its recovery mode today.
"Immediate support is near the 10-day SMA of 1,491. Only if the index loses this level will we start to turn negative on short-term trading sentiment. Otherwise, we will keep our positive bias view on the FBM KLCI," it said in a note on Wednesday.
Among the gainers, MTD Capital rose RM1.15 to RM7.50, Tasek was up 20 sen to RM6.70, CONCRETE ENGINEERING PRODUCTS [] added 18 sen to RM2.30, Public Bank and DiGi rose 14 sen each to RM12.86 and RM24.80, Tradewinds and AMMB added 12 sen each to RM4.12 and RM6.19, Kulim up 11 sen to RM9.81 while Plenitude added 10 sen to RM4.99.
Among the decliners, Nestle fell 20 sen to RM43.80, United Plantations, APM Automotive and F&N lost 10 sen each to RM16.90, RM5.10 and RM14 while Hap Seng, DFZ Capital and Tenaga lost seven sen each to RM3.78, RM3.54 and RM8.81 respectively.
L&G was the most actively traded stock at mid-morning with 19.2 million shares done. The stock gained 2.5 sen to 54.5 sen. Other actives included PLUS, Karambunai, Scomi, Jaks, Carotech and Petra.
At the regional markets, Japan's Nikkei 225 rose 0.69% to 9,441.74, Singapore's Straits Times Index gained 0.24% to 3,169.98 while Hong Kong's Hang Seng Index opened flat at 23,601.84.
The Shanghai Composite Index shed 0.64% to 3,021.97, the South Korean Kospi fell 0.38% to 1,912.17 and the Taiwan's Taiex fell 0.15% to 8,330.50.
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