Source: Fintan Ng (The Star Online)
KUALA LUMPUR: The local bourse’s benchmark FBM KLCI index may see more upside ahead following higher crude oil and commodity prices boosting investors’ confidence.
Nymex crude oil and the local crude palm oil futures settled at higher prices last Friday.
OSK Research Sdn Bhd analyst Shin Kao Jack said in a report that the market could be establishing a new uptrend after rallying for eight out of the last 10 sessions and adding 95 points in the process.
HwangDBS Vickers Research Sdn Bhd said in another report that the index would be eyeing to test the 1,160 resistance level again anytime soon.
“A convincing breakout will then lift the benchmark index towards the next resistance mark of 1,190,” it said.
At 9.30am, the index was down 2.32 points to 1,153.56 while in Bursa Malaysia, 161 counters were up, 103 were down and 121 others were traded unchanged.
There were 110.44 million shares done with a total value of RM79.89 million.
Among plantation counters, IOI fell 8 sen to RM4.78, Kulim dropped 10 sen to RM7.10 while PPB gained 40 sen to RM14.
IJM dropped 10 sen to RM6.20, Genting was up 10 sen to RM6.45, Public Bank’s foreign tranche lost 10 sen to RM10.10 and TNB shed 10 sen to RM8.05.
Nymex crude oil in electronic trade was up 9 cents to US$68.14 per barrel.
Spot gold gained 17 cents to US$951.52 per ounce
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