KUALA LUMPUR: BCHB and Bursa led blue chips higher in early trade on Monday but overall market sentiment was still cautious after last Friday’s decline and as investors awaited more corporate earnings this month.
At 9.30am, the KLCI was up 3.9 points to 1,124.21. Turnover was 51.48 million shares valued at RM66.13mil.
Light crude oil was trading at US$115.60 while the ringgit continued to weaken to RM3.31 against the greenback.
Japan’s Nikkei 225 surged 1.85% or 244 points to 13,412.42 and Singapore’s Straits Times Index jumped 1.13% to 2,839.19 but Shanghai’s A Share Index fell 0.24% to 2,727.91.
On Bursa Malaysia, OSK Investment Research said it did not expect the KLCI to fall close to 10 points last Friday despite the poor performance of the US market last Thursday.
“However, what is important is that the KLCI was able to sustain a posture at above the key 1,120 level. Anyhow, as long as the 1,120-level is not taken out, the odds are still high that the KLCI could march higher from the current level.
“Meanwhile, our bullish stance is maintained. From the current level, look for an immediate resistance at the 1,148-level followed by the 1,165-level. To the downside, the 1,120 level is now the immediate support followed by the 1,100-level,” it said.
BCHB was among the top gainers, up 15 sen to RM8.75 while Bursa and TM International added 10 sen each to RM6.95 and RM6.45. Up 10 sen also was Genting to RM6. Top Glove advanced eight sen to RM4.10.
MSC tumbled 95 sen to RM6.65 with 3,700 shares done. KFCH and KLK lost 20 sen each to RM6.30 and RM11.80 while Asiatic eased 10 sen to RM5.85 and Sime five sen lower to RM6.95.
Profit taking saw Ann Joo Resources-WB falling 12 sen to RM1.38 and the shares four sen to RM3.64.
BURSA : [Stock Watch] [News]
MSC : [Stock Watch] [News]
COMMERZ : [Stock Watch] [News]
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