KUALA LUMPUR: The FBM KLCI stayed on track to a fifth straight day of gains as a surge of positive sentiment spurred on buying in equities.
At 12.30pm, the benchmark index was up 9.4 points to 1,579.2 led by commodities plays including Petronas Chemicals, Press Metal
and Kuala Lumpur Kepong.
According to Malacca Securities Research, investors could be targeting the plantation sector amid the rising CPO price while oil and gas counter stand to benefit from firmer crude prices hovering above US$72 a barrel.
“With the key index crossing above the resistance level at 1,565, next resistance is at 1,580 while the support level is located at 1,540,” it said in its technical outlook.
Leading the FBM KLCI higher, Petronas Chemicals climbed 24 sen to RM8.39 on the back of a record quarterly earnings performance.
In plantations, Kuala Lumpur Kepong rose 34 sen to RM21.24 and IOI was up nine sen to RM4.09.
Aluminium play Press Metal jumped 13 sen to RM5.37.
Amid the broad-based rally, bank stocks were mostly higher led by Hong Leong Bank adding 12 sen to RM18.12, Public Bank rising two sen to RM4.12 and CIMB gaining one sen to RM4.87. Maybank fell three sen to RM8.30.
Most active counters on Bursa Malaysia included D’nonce falling 0.5 sen to 60.5 sen, Scope down two sen to 34.5 sen and BCM Alliance dropping 2.5 sen to seven sen.
Asian markets retreated following its recent strong gains although the positive performance on Wall Street overnight put a cap on losses.
Japan’s Nikkei was flat, South Korea’s Kospi dropped 0.4% and China’s main index was down 0.5%.
Hong Kong’s Hang Seng dropped 1.4% while Australia’s ASX200 fell 0.65%.
