KUALA LUMPUR : Blue chips started the week on a firmer note on Monday, supported by the steady crude oil prices, with Petronas Gas and Telekom Malaysia among the gainers.
At 9.13am, the KLCI was up 0.99 of a point or 0.06% to 1,659.96. Turnover was 57.54 million shares valued at RM28.22mil. There were 122 gainers, 80 losers and 199 counters unchanged.
Oil prices logged their fourth straight week of gains last week, extending their advance since the Organization of the Petroleum Exporting Countries announced last month its first planned output cut in eight years, Reuters reported.
US crude futures traded at US$50.01 per barrel in early Monday trade, down 0.7% from last week. Brent crude futures stood at US$51.71 per barrel, down 0.5%.
However, Hong Leong Investment Bank (HLIB) Research cautioned that the KLCI, after breaking the key 200-day simple moving average (SMA) support near 1,666 last Friday, near term KLCI outlook may turn negative.
“Unless the index can swiftly reclaim above the 200-day SMA support-turned-resistance level, we may see KLCI to ease further to retest the 1,640-1,645 this week. A decisive breakout above may lift the index to test higher targets at 1,670-1,675 levels,” it said.
Petronas Gas rose 20 sen to RM21.98 with 800 shares done while RHB Bank gained five sen to RM4.63. Also up five sen was Telekom to RM6.73. However, Petronas Dagangan lost 14 sen to RM23.22.
Plantations PPB Group added 16 sen to RM16.22 with 100 shares done while Sime Darby fell seven sen to RM7.79.
Consumer stock Apollo added 10 sen to RM6.15 while BAT rose six sen to RM47.90. However, Ajinomoto fell 18 sen to RM13.70.
Property company Titijaya added six sen to RM1.76 while Pos Malaysia added five sen to RM4.15.
Tenaga lost four sen to RM14.38 while also down four sen was Top Glove shed four sen to RM14.38.
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