KUALA LUMPUR: The FBM KLCI extended its gains in early trade on Monday, April 4 in line with most key regional markets following the firmer close at Wall Street last Friday.
Asian shares rose to their highest in nearly 3 years after strong jobs growth in the United States was seen as lifting the prospects for the global economy, and the euro hit an 11-month peak against the yen amid widespread expectations of a euro zone rate hike this week, according to Reuters.
US crude oil rose near its highest in 2-1/2 years as unrest in the Middle East and fighting in Libya stoked fears of supply disruptions, it said.
The FBM KLCI was up 2.62 points to 1,558.00 at 10am, lifted by gains including at DiGi, YTL Corp and IJM Corp.
Gainers led losers by 352 to 161, while 222 counters traded unchanged. Volume was 426.11 million shares valued at RM401.17 million.
At the regional markets, Hong Kong's Hang Seng Index rose 1.22% to 24,091.69, Japan's Nikkei 225 added 0.72% to 9,778.28, Singapore's Straits Times Index was up 0.71% to 3,142.75 while SouthKorea's Kospi Index shed 0.41% to 2,112.38.
The Shanghai Composite Index will remain closed on April 4 and 5 to observe the Tomb Sweeping Day, and would re-open on Wednesday, April 6.
OSK Research in a note Monday, April 4 said that the FBM KLCI had put on about 35% over the last four trading days.
'While we do not rule out the possibility of the index continuing to go up without the need for a brief consolidation, we would also not be surprised if it starts consolidating or even experiences a short pullback, before resuming in earnest.
'Anyhow, the near-term view is the one that we have always focused on, and it will be bullish until a reversal signal is detected,' it said.
The historic high of 1,577 points is the only resistance remaining, it said.
OSK Research said that to the downside, there was now an immediate strong support at the 1,547 point-level, followed by another strong support at the 1,531-1,536 point-area.
On Bursa Malaysia, the top gainer at mid-morning was Nestle that rose 38 sen to RM47.80; DiGi added 36 sen to RM29, YTL Corp and GAB up 16 sen each to RM7.66 and RM9.81, Esso 14 sen to RM4.18, Petronas Chemicals and Coastal Contracts up 11 sen each to RM7.48 and RM3.19, while IJM Corp rose 10 sen to RM6.45.
Kurnia Asia was the most actively traded counter with 24.13 million shares done. The stock added 3.5 sen to 47 sen.
Other actives included HWBG, MAA, ECM Libra, DBE Gurney, Olympia and Tanco.
Among decliners, Panasonic fell 30 sen to RM21.40, United PLANTATION []s 20 sen to RM17.10, Lysaght 15 sen to RM1.73, LPI Capital fell 10 sen to RM13.76, Genting eight sen to RM11, while Notion, Kossan and Genting Malaysia fell six sen each to RM2.15, RM3.29 and RM3.78.
Asian shares rose to their highest in nearly 3 years after strong jobs growth in the United States was seen as lifting the prospects for the global economy, and the euro hit an 11-month peak against the yen amid widespread expectations of a euro zone rate hike this week, according to Reuters.
US crude oil rose near its highest in 2-1/2 years as unrest in the Middle East and fighting in Libya stoked fears of supply disruptions, it said.
The FBM KLCI was up 2.62 points to 1,558.00 at 10am, lifted by gains including at DiGi, YTL Corp and IJM Corp.
Gainers led losers by 352 to 161, while 222 counters traded unchanged. Volume was 426.11 million shares valued at RM401.17 million.
At the regional markets, Hong Kong's Hang Seng Index rose 1.22% to 24,091.69, Japan's Nikkei 225 added 0.72% to 9,778.28, Singapore's Straits Times Index was up 0.71% to 3,142.75 while SouthKorea's Kospi Index shed 0.41% to 2,112.38.
The Shanghai Composite Index will remain closed on April 4 and 5 to observe the Tomb Sweeping Day, and would re-open on Wednesday, April 6.
OSK Research in a note Monday, April 4 said that the FBM KLCI had put on about 35% over the last four trading days.
'While we do not rule out the possibility of the index continuing to go up without the need for a brief consolidation, we would also not be surprised if it starts consolidating or even experiences a short pullback, before resuming in earnest.
'Anyhow, the near-term view is the one that we have always focused on, and it will be bullish until a reversal signal is detected,' it said.
The historic high of 1,577 points is the only resistance remaining, it said.
OSK Research said that to the downside, there was now an immediate strong support at the 1,547 point-level, followed by another strong support at the 1,531-1,536 point-area.
On Bursa Malaysia, the top gainer at mid-morning was Nestle that rose 38 sen to RM47.80; DiGi added 36 sen to RM29, YTL Corp and GAB up 16 sen each to RM7.66 and RM9.81, Esso 14 sen to RM4.18, Petronas Chemicals and Coastal Contracts up 11 sen each to RM7.48 and RM3.19, while IJM Corp rose 10 sen to RM6.45.
Kurnia Asia was the most actively traded counter with 24.13 million shares done. The stock added 3.5 sen to 47 sen.
Other actives included HWBG, MAA, ECM Libra, DBE Gurney, Olympia and Tanco.
Among decliners, Panasonic fell 30 sen to RM21.40, United PLANTATION []s 20 sen to RM17.10, Lysaght 15 sen to RM1.73, LPI Capital fell 10 sen to RM13.76, Genting eight sen to RM11, while Notion, Kossan and Genting Malaysia fell six sen each to RM2.15, RM3.29 and RM3.78.
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