KUALA LUMPUR (March 23): Blue chips started Friday on a firm note, despite the weaker regional markets, boosted by gains in GENTING BHD [] and Petronas Gas.
At 9.08am, the FBM KLCI was up 2.32 points to 1,585.56. Turnover was 192.74 million shares valued at RM42.05 million. Advancers led decliners 85 to 66 while 132 stocks were unchanged.
CIMB Equities Research said in its technical outlook that the KLCI continued to hang on above the rising wedge resistance-turned-support trend line yesterday. It seems that prices could still make one more push, possibly towards its previous swing high of 1,597 before a deeper correction would take place.
“However, sustainability is the key concern here. If the candles fail to hold on above the 1,575 level, then it would invite selling pressure in days to come. Falling below 1,550 would eliminate all bullish potential in the near term,” it said in its technical report.
Among the blue chips, BAT was up 32 sen to RM53.62 with 100 shares done while PetGas added 18 sen to RM16.70 with 200 units done.
Genting added 14 sen to RM10.90, UMW 12 sen to RM7.25 while Nestle added eight sen to RM55.98 and Sime Darby five sen to RM9.78.
Lipo jumed 15 sen to RM1.19 and Kobay nine sen to 88 sen. Kobay is acquiring full control of its 53.16% subsidiary Lipo via a selective capital reduction and repayment exercise.
Kobay requested Lipo to reduce the paid-up by cancelling one share for every RM1 paid by Lipo to shareholders as capital repayment. All entitled shareholders will receive a cash payment amounting to RM1.25 per Lipo share under the proposed SCR.
At 9.08am, the FBM KLCI was up 2.32 points to 1,585.56. Turnover was 192.74 million shares valued at RM42.05 million. Advancers led decliners 85 to 66 while 132 stocks were unchanged.
CIMB Equities Research said in its technical outlook that the KLCI continued to hang on above the rising wedge resistance-turned-support trend line yesterday. It seems that prices could still make one more push, possibly towards its previous swing high of 1,597 before a deeper correction would take place.
“However, sustainability is the key concern here. If the candles fail to hold on above the 1,575 level, then it would invite selling pressure in days to come. Falling below 1,550 would eliminate all bullish potential in the near term,” it said in its technical report.
Among the blue chips, BAT was up 32 sen to RM53.62 with 100 shares done while PetGas added 18 sen to RM16.70 with 200 units done.
Genting added 14 sen to RM10.90, UMW 12 sen to RM7.25 while Nestle added eight sen to RM55.98 and Sime Darby five sen to RM9.78.
Lipo jumed 15 sen to RM1.19 and Kobay nine sen to 88 sen. Kobay is acquiring full control of its 53.16% subsidiary Lipo via a selective capital reduction and repayment exercise.
Kobay requested Lipo to reduce the paid-up by cancelling one share for every RM1 paid by Lipo to shareholders as capital repayment. All entitled shareholders will receive a cash payment amounting to RM1.25 per Lipo share under the proposed SCR.
