KLCI succumbs to revenue taking in early commerce

KUALA LUMPUR: The FBM KLCI succumbed to some gentle revenue taking in early commerce on Monday.

At 9.23am, the benchmark FBM KLCI had fallen 6.66 factors to 1,584.60. The index opened at 1,588.07, down 3.19 factors, from final Friday’s 1,591.26.

TA Securities stated given the numerous enchancment in technical momentum indicators following final week’s rebound, the FBM KLCI might have additional upside room this week.

The analysis home stated with extra indicators of progress in Russia/Ukraine peace talks which is able to hopefully lead to an amenable decision to the present battle, danger sentiment ought to enhance.

As well as, with our nation getting nearer to the endemic part and reopening of worldwide borders timeline this month-end, financial restoration performs ought to achieve traction.

Kenanga Analysis stated the week simply ended noticed the important thing FBM KLCI hitting a low of 1,554 on Tuesday solely to rebound to as excessive as 1,595 on Friday earlier than ending at 1,591.

This interprets to a week-on-week rise of 23.0 factors or 1.5%.

“Technically talking, after testing our help threshold of 1,550 quite a few instances solely to stage subsequent rebounds, the benchmark FBMKLCI may need already discovered an intermittent footing following its retracement from a excessive of 1,620 to start with of March.

“That stated, the bellwether will in all probability swing between our quick help and resistance ranges of 1,550 (S1) and 1,600 (R1) with a slight unfavourable bias forward,” Kenanga stated.

On Bursa Malaysia, Chin Tek misplaced 35 sen to RM7.91, Hong Leong Monetary Group fell 32 sen to RM19.40, Tenaga shed 16 sen to RM9.26 and Panasonic Manufacturing declined 16 sen to RM27.64.

Malaysian Pacific Industries surged RM1.10 to RM34.90, Heineken gained 70 sen to RM22.38 F&N added 38 sen to RM21.58 and Field-Pak rose 37 sen to RM1.62.


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