KLCI rises in tandem with regional markets

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KUALA LUMPUR (Oct 7): The FBM KLCI rose in early trade on Tuesday, in tandem with most regional markets, lift by gains at select blue chips including Maybank, Axiata and DiGi.

At 9am, the FBM KLCI added 5.75 points to 1,846.57.

The top gainers included HLFG, Hong Leong Bank, PPB, MISC, Maybank, United Plantations, KLK, AMMB, Axiata and DiGi.

Regionally, Asian shares tentatively rose in early trade on Tuesday, while the dollar steadied after investors locked in some gains overnight on its recent rally, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent in early trade, shrugging off a choppy, losing session on Wall Street overnight, it said.

Hong Leong IB Research in a market preview Tuesday said that technically, short-term daily KLCI oscillators were leveling off to indicate reducing downward momentum but weaker weekly chart suggests a near-term recovery remains elusive following the breakdowns below the long term downtrend line since Oct 2011 (near 1863) and the daily 200-day moving average (SMA) (near 1852).

“Overall, investors sentiment to remain muted after the surprised 20sen petrol hike effective 1 Oct and ahead of the widely-anticipated Budget 2015 to be tabled on 10 Oct.

“Weekly key resistance zones are situated near 1852, 1860 (50-day SMA) and 1867 (23.6% FR) whilst supports fall on 1833 (50% FR) and 1829 (6-month low),” it said.