business
KLCI moves above 1,700-level
The FBM KLCI moved passed the psychologically crucial 1,700-point level at mid-morning today in line with the firm gains at most regional markets.
At 10am, the FBM KLCI rose 16.20 points to 1,708.69.
The top gainers included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Petronas Dagangan Bhd, Dutch Lady Milk Industries Bhd, Panasonic Malaysia Manufacturing Bhd, Petronas Gas Bhd, Hong Leong Financial Group Bhd and Genting Plantations Bhd.
The actives included AirAsia X Bhd, Bumi Armada Bhd, Vivocom International Holdings Bhd, Genetec Technology Bhd, AirAsia Bhd, SHK Consortium Bhd and RGB International Bhd.
The top losers included Aeon Credit Services (M) Bhd, Top Glove Corporation Bhd, Bumi Armada, Kossan Rubber Industries Bhd, Supermax Corporation Bhd, Latitude Tree Holdings Bhd and KESM Industries Bhd.
Asian shares hit two-month highs on Monday, extending their sharp gains in the previous four sessions, following upbeat U.S. jobs data and rebound in oil commodity prices, according to Reuters.
Investors also look to Chinese markets' reaction to Beijing's new economic plans, which include a cut in the economic growth target to a range of 6.5%, and a moderate increase in the fiscal deficit to 3% of GDP, it said.
Hong Leong IB Research said that technically, the strong breakout above 200-d SMA on 2 Mar was positive for near term KLCI outlook and the index is expected to grind higher to break the immediate 1700 and 1706 (30 Dec high) barriers, with stiffer resistance at 1727. Key supports are 1654-1677. – The Edge Markets, March 7, 2016.
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