KLCI poised to end week firmer as regional markets rise

opening_market_down_theedgemarkets

opening_market_down_theedgemarkets

-A +A

KUALA LUMPUR (Oct 31): The FBM KLCI is poised to end the week on a slightly firmer note as regional markets ticked upward on the back of the firmer overnight close at Wall Street.

At 9.01am, the FBM KLCI added 2.45 points to 1,845.23.

The top gainers included BAT, Press Metal, UMW, My E,G., RHB Capital, S P Setia, Lafarge Malaysia, Tenaga and Petronas Chemicals.

Regionally, Asian shares ticked higher on Friday on Wall Street's cheer after upbeat U.S. growth data, while the dollar traded around four-week highs against the yen as investors awaited the outcome of the Bank of Japan's monetary policy meeting, acording to Reuters.

The BOJ is widely expected to maintain its massive asset buying programme and its upbeat forecast that inflation will hit its 2 percent target next year, suggesting no further stimulus is on the horizon. The policy decision is expected around 0230-0330 GMT, it said.

Hong Leong IB Research in a market preview Friday said that in the wake of bullish undertone from Wall St and Bursa Malaysia, the FBM KLCI could appreciate further to retest 200-d SMA near 1849 and 1857 (upper Bollinger band) in the near term before profit taking activities emerge amid overbought slow stochastics, slightly hawkish FOMC statement, and the start of Nov reporting season next week.

“Key supports rest with 1,825 (30-day moving average), 1,816 (20-day moving average), 1,806 (38.2% FR) and 1,800,” it said.