KUALA LUMPUR: Blue chips advanced in early trade on Friday, Dec 3 with KL Kepong and its major shareholder Batu Kawan extending their rally on expectations of buoyant crude palm oil prices and underpinned by the second day of gains on Wall Street.
At 9.29am, KLK rose 52 sen to RM21.50 while Batu Kawan added 24 sen to RM16.26.
The FBM KLCI rose 2.1 points to 1,505.32. Turnover was 131.29 million shares valued at RM127.12 million. There were 194 gainers, 88 losers and 150 stocks unchanged.
Other gainers were BAT, up 42 sen to RM44.84, Guinness Anchor 19 sen to RM9.55 while Genting added eight sen to RM10.48.
RHB Research Institute said in its market outlook that Thursday afternoon's push-up caught it by surprise, as the recovery came so timely to initiate a potential recovery on the otherwise bearish scenario on the local market sentiment.
'The rebound has led the FBM KLCI higher to above the 10-day and 40-day SMAs near 1,494 ' 1,497 and the important psychological level of 1,500. This has revived its near-term technical outlook, which could have already turned more bearish should it have not recovered yesterday,' it said.
However, RHB Research said the FBM KLCI must still acquire a confirmation candle today, and that the 10-day SMA must recover to above the 40-day SMA to void the previous bearish signal and secure a technical rebound going forward.
'As such, we would like to warn that a slip back to below the 1,500 level and the SMAs will tarnish any positive possibility and turn the index back into the bearish zone again,' it cautioned.
At 9.29am, KLK rose 52 sen to RM21.50 while Batu Kawan added 24 sen to RM16.26.
The FBM KLCI rose 2.1 points to 1,505.32. Turnover was 131.29 million shares valued at RM127.12 million. There were 194 gainers, 88 losers and 150 stocks unchanged.
Other gainers were BAT, up 42 sen to RM44.84, Guinness Anchor 19 sen to RM9.55 while Genting added eight sen to RM10.48.
RHB Research Institute said in its market outlook that Thursday afternoon's push-up caught it by surprise, as the recovery came so timely to initiate a potential recovery on the otherwise bearish scenario on the local market sentiment.
'The rebound has led the FBM KLCI higher to above the 10-day and 40-day SMAs near 1,494 ' 1,497 and the important psychological level of 1,500. This has revived its near-term technical outlook, which could have already turned more bearish should it have not recovered yesterday,' it said.
However, RHB Research said the FBM KLCI must still acquire a confirmation candle today, and that the 10-day SMA must recover to above the 40-day SMA to void the previous bearish signal and secure a technical rebound going forward.
'As such, we would like to warn that a slip back to below the 1,500 level and the SMAs will tarnish any positive possibility and turn the index back into the bearish zone again,' it cautioned.
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