KUALA LUMPUR: Blue chips advanced in early trade on Wednesday, Dec 8, with banks taking the lead on expectations of more upside for equities but Maybank Investment Bank Research cautioned of late profit taking.
At 9.21am, the FBM KLCI was up 11.14 points to 1,513.18. Turnover was 110.73 million shares done valued at RM147.49 million. There were 226 gainers, 51 losers and 144 stocks unchanged.
Maybank Investment Bank Research said the FBM KLCI's resistance areas at 1,505 and 1,525 may cap market gains, whilst its obvious support areas are located at 1,488 and 1,501.
'Due to the mixed US markets last night, we may see the FBM KLCI in a steady mode today too ' with muted buying activities that may see some late profit-taking,' it said in its market outlook.
Maybank IB Research said the FBM KLCI had broken above the previous 1,524.69 all-time 2008 high to create another new peak at 1,531.99 on Nov 10. A temporary correction low had been formed at 1,474.02 on Nov 29.
'Global market trends may have become volatile recently but we may have turned a corner at the 1,474-low. The FBM KLCI remains trapped between the low of 1,474 and the high of 1,531 for now,' it said.
At Bursa Malaysia, KL Kepong rallied an other 32 sen to RM21.90 while BAT gained 28 sen to RM45.76.
CIMB rose 15 sen to RM8.62, Maybank 13 sen to RM8.45 and HLFG 11 sen to RM8.99. F&N added 14 sen to RM15.30 and SP Setia also 14 sen higher at RM5.38.
At 9.21am, the FBM KLCI was up 11.14 points to 1,513.18. Turnover was 110.73 million shares done valued at RM147.49 million. There were 226 gainers, 51 losers and 144 stocks unchanged.
Maybank Investment Bank Research said the FBM KLCI's resistance areas at 1,505 and 1,525 may cap market gains, whilst its obvious support areas are located at 1,488 and 1,501.
'Due to the mixed US markets last night, we may see the FBM KLCI in a steady mode today too ' with muted buying activities that may see some late profit-taking,' it said in its market outlook.
Maybank IB Research said the FBM KLCI had broken above the previous 1,524.69 all-time 2008 high to create another new peak at 1,531.99 on Nov 10. A temporary correction low had been formed at 1,474.02 on Nov 29.
'Global market trends may have become volatile recently but we may have turned a corner at the 1,474-low. The FBM KLCI remains trapped between the low of 1,474 and the high of 1,531 for now,' it said.
At Bursa Malaysia, KL Kepong rallied an other 32 sen to RM21.90 while BAT gained 28 sen to RM45.76.
CIMB rose 15 sen to RM8.62, Maybank 13 sen to RM8.45 and HLFG 11 sen to RM8.99. F&N added 14 sen to RM15.30 and SP Setia also 14 sen higher at RM5.38.
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