FBM KLCI climbs as rebound picks up post holiday weekend

KUALA LUMPUR: Blue chips on Bursa Malaysia rose 0.8% after a long weekend, suggesting the buying momentum remained alive on the domestic market.
The FBM KLCI climbed 15.21 points to 1,756.09 at the opening bell, extending a rebound as investors sought to reclaim a recent closing high set on Jan 27.
Apex Research said the FBM KLCI is expected to trade range-bound in the near term given the mixed global markets as investors continue to assess US macro data and ongoing earnings releases.
"Buying interest is likely to centre on high-yield and earnings-visible names, particularly within the banking sector, while selective consumer plays may see interest on expectations of improving domestic demand.
"However, upside may be capped by cautious foreign positioning and lingering global market volatility," it said in a note.
The research firm said in its technical outlook that the indicators remained positive with the MACD line trading above the signal line while the RSI remained above 50. "The next resistance is located at 1,750, while support is envisaged around 1,685," it added.
Among the leading blue chips, Maybank jumped 16 sen to RM11.94, Public Bank gained seven sen to RM4.94 and Ambank climbed eight sne to RM6.53.
Hong Leong Bank slumped 50 sen to RM25.30 in a bout of profit-taking.
Nestle, meanwhile, rose RM1.40 to RM113.40, and IHH rose 14 sen to RM9.10.
Over the broader markets, the most active shares were Hong Seng down 0.5 sen ot 0.5 sen, Zentech flat at 0.5 sne and Gamuda sliding nine sen to RM4.33.

Sumber : thestar.com.my