KUALA LUMPUR: The benchmark KL Composite Index easily crossed the crucial 900 level in early trade on Monday on buying of selected blue chips, mirroring the gains on regional markets after the strong close on Wall Street last Friday.
At 9.30am, the KLCI was up 11.63 points to 905.99. Turnover was 112.87 million shares valued at RM101mil.
Singapore’s Straits Times Index rose 44 points or 2.44% to 1,874.41, the Nikkei 225 added 2.34% to 9,067.11 while the Shanghai A Share Index gained 1.8% to 1,946.16.
Crude oil rose US$1.36 to US$47.71 while the ringgit was quoted at RM3.47 to the US dollar.
HwangDBS Vickers Research said after making a surprisingly strong start to the New Year last Friday, there was a possibility that the positive momentum may carry through to lift further selective index-linked counters on today.
It said shoring up the short-term buying interest was the improved sentiment on Wall Street, which saw its major equity barometers surging between 2.9% and 3.5% at the closing bell on Friday. In particular, the continued rise in crude oil prices (up another 3.7% to reach almost US$50 per barrel currently) had pushed up energy-related counters.
“This, in turn, will likely support the price performance of crude palm oil (CPO) and plantation stocks on our local stock exchange ahead.
However, the research house catuioned that as prospects of both the broad economy and the global equities remained shaky, investors would probably be tempted to sell into strength when the relief rally continues.
HwangDBS Vickers Research said immediate resistance barrier for the KLCI at 930, which is just a tad above its highest point reached after the October 2008 steep sell-off.
Tanjong rose 40 sen to RM13.90, Bursa added 25 sen to RM5.60 and BCHB 15 sen to RM6.35. KNM rose three sen to 46.5 sen in active trade while Resorts rose seven sen to RM2.38.
Among plantations, KL Kepong added 25 sen to RM9.85 while Batu Kawan and IOI Corp gained 20 sen each to RM8.55 and RM4.10, PPB and Sime 15 sen each to RM9.50 and RM5.55 and Asiatic 12 sen to RM3.92.
Texchem was the top loser, down 20 sen to RM1, Measat 12 sen to RM1.08, Bernas six sen to RM1.24 and Litrak five sen to RM1.81.
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