KUALA LUMPUR (Feb 20): Blue chips climbed in early trade on Monday, in line with the firmer regional markets, as sentiment was boosted by China’s policy easing and prospects for Greece to clinch a second bailout fund
At 9.14am, the FBM KLCI was up 4.62 points to 1,561.77. Turnover was 164.34 million shares valued at RM78.67 million. There were 230 gainers, 84 losers and 166 counters unchanged.
CIMB Equities Research said in its market report that prices has last week continued to linger near the key resistance band of 1,560-1,565, where sellers have been strong.
“The KLCI tested the wedge resistance twice but it failed to breakout on both occasions. It is still too early to call for a reversal but a close below 1,550 would tip the scale in favour of the bears.
“If prices fail to take out the 1,566 high soon, then there is a good chance that the strong run-up in trading volume over the couple of weeks could potentially be deemed as a buying climax. A close below the 1,550 levels would likely send the index back towards 1,525 and 1,500 next. Breaking 1,525 would likely signal a weaker trend in the weeks ahead,” CIMB Research said.
Among the gainers on Bursa were Aeon, up 38 sen to RM8.08, BAT 16 sen to RM52.68 and Petronas Dagangan 16 sen to RM18.18.
Mudajaya rose 10 sen to RM3.05, IJM nine sen to RM5.99 and UMW eight sen to RM6.98.
At 9.14am, the FBM KLCI was up 4.62 points to 1,561.77. Turnover was 164.34 million shares valued at RM78.67 million. There were 230 gainers, 84 losers and 166 counters unchanged.
CIMB Equities Research said in its market report that prices has last week continued to linger near the key resistance band of 1,560-1,565, where sellers have been strong.
“The KLCI tested the wedge resistance twice but it failed to breakout on both occasions. It is still too early to call for a reversal but a close below 1,550 would tip the scale in favour of the bears.
“If prices fail to take out the 1,566 high soon, then there is a good chance that the strong run-up in trading volume over the couple of weeks could potentially be deemed as a buying climax. A close below the 1,550 levels would likely send the index back towards 1,525 and 1,500 next. Breaking 1,525 would likely signal a weaker trend in the weeks ahead,” CIMB Research said.
Among the gainers on Bursa were Aeon, up 38 sen to RM8.08, BAT 16 sen to RM52.68 and Petronas Dagangan 16 sen to RM18.18.
Mudajaya rose 10 sen to RM3.05, IJM nine sen to RM5.99 and UMW eight sen to RM6.98.
