KLCI ticks up as Tenaga and Genting lift

KUALA LUMPUR (Aug 8): The FBM KLCI’s performance goes up in early trade this morning, lifted by gains including at Tenaga Nasional Bhd and Genting Bhd, against the backdrop of muted regional markets.

As of 9.05am, the FBM KLCI raised up 2.41 points to 1,607.11.

Tenaga, Petronas Gas Bhd, Fraser & Neave Holdings Bhd, LPI Capital Bhd, BIMB Holdings Bhd, British American Tobacco (M) Bhd, Genting, Press Metal Aluminium Holdings Bhd, Asia File Corp Bhd and Telekom Malaysia Bhd are among the gainers.

Bloomberg said that Asian stocks looked set for a muted open as investors assessed the implications of the latest central bank moves to bolster growth. U.S. equities and benchmark Treasury yields mounted a turnaround late in the day, reversing sharp declines

According to Kenanga IB Research, Asian markets mixed with few rebounded due to heavy oversold for the past few days and White House assurance to press ahead with negotiation.

The FBM KLCI slipped by 7.09 points (-0.44%) to close at 1,604.70.

Chart-wise, the index continues its downward movement amid trade tension and lack of market catalyst, the research house said.

“On major outlook, bearish sentiment remains intact in tandem with uninspiring key technical indicators. “Key support levels can be found at 1,600 (S1) and 1,570 (S2) should the index trend lower. Conversely, overhead resistance levels can be seen at 1,630 (R1) and 1,650 (R2),” it said.

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