KUALA LUMPUR: FBM KLCI maintained its early lead against a backdrop of growing market recovery and rising commodity prices.
At 12:30 pm, the key index was up 7.08 points to 1,560.45, some banking stocks continuing to advance before their results at the end of the week.
“We believe the general sentiment towards the local stock market should continue to be supported by the widespread recovery amid rising commodity prices following the smooth progress in vaccination, as well as by investors appearing to optimistic for the current reporting season, ”said Malacca Securities Research. .
The research house said the next resistance is at 1,565 after the breakout of 1,540, while support is at 1,520.
On the blue-chip FBMKLCI, the main winners were Press Metal up 11 sen to RM 5.11 and Tenga Nasiona up 17 sen to RM 10.14.
Financial counters on the rise included Maybank up two sen to RM 8.34 and CIMB adding two sen to RM 4.85. Public Bank lost three sne to RM4.08 while Hong Leong Bank slipped 12 sen to RM18.88.
Sime Darby Plantation fell three sen to RM 4.13 on profit taking while Kuala Lumpur Kepong gained 26 s to RM 20.76.
Among consumer counters, Nestlé increased by 90 sen to RM134.80 and Dutch Lady gained 28 sen at RM32.38.
The main assets were Kanger unchanged at six sen, MMAG down 0.5 sen to 11 sen and Sapura Energy apartment for 12 sen.
Asian stocks were down slightly on profit taking after the recent rally, as higher commodity prices kept investors’ interest in equities.
Japan’s Nikkei lost 0.1% and South Korea’s Kospi slipped 0.3%.
The main Chinese index rose 0.3% while the Hong Kong Hang Seng fell 0.4%. Australia’s ASX200 rose 0.2%.