Sunday 19 May 2024
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KUALA LUMPUR (Feb 20): The FBM KLCI charted a fresh 20-month high at midday on Tuesday while Malaysian energy shares surged and plantation stocks also rose.

At 12.30pm, the country's benchmark index gained 0.52% or 8.04 points to 1,546.65, its highest since June 3, 2022.

Gainers included Nestle (Malaysia) Bhd, United Plantations Bhd, Dialog Group Bhd, Dayang Enterprise Holdings Bhd, PPB Group Bhd, Petronas Chemical Group Bhd, Scientex Packaging (Ayer Keroh) Bhd, Uzma Bhd, Kuala Lumpur Kepong Bhd, and PMB Technology Bhd.  

The actively traded stocks included Hong Seng Consolidated Bhd, TWL Holdings Bhd, Dialog, Fitters Diversified Bhd, SMTrack Bhd and Minetech Resources Bhd.  

The decliners included Heineken Malaysia Bhd, Malaysian Pacific Industries Bhd, Allianz Malaysia Bhd, Mercury Industries Bhd, and Dutch Lady Milk Industries Bhd.

In an earlier note on Tuesday, TA Securities said the local market is expected to stay upbeat driven by the returns of investors and traders from their Chinese New Year holidays with more domestic lead keys to spur further gains.

The research house said the immediate overhead resistance for the index remains at 1,550, with stronger upside hurdles coming at 1,580 and 1,600.

“Key uptrend supports cushioning the downside will be at 1,505, 1,492 and 1,474, the respective rising 30-day, 50-day and 100-day moving averages,” it said.

Inter-Pacific Research Sdn Bhd said there are few signs of the buying interest abating which could prolong near-term upside.

“Although there could be further upside ahead, the gains may become more modest, due to the slightly overbought conditions with the targets now raised to 1,540-1,543 points, followed by the next psychological level at around the 1,550 level,” it added.

Edited ByJason Ng
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