KUALA LUMPUR: Market sentiment on Bursa Malaysian continued to strengthenearly Tuesday, underpinned by local institutions and retail investors, while Radiant Global Tech surged on its trading debut on the ACE Market.
At 9.24am, the KLCI was up 3.58 points or 0.2% to 1,761.54. Turnover was 409.16 million shares valued at RM217mil. There were 285 gainers, 144 losers and 256 counters unchanged.
In Asia, Japan's Nikkei bounced 0.4% in early trade as a pullback in the yen eased concerns about earnings pressure on exporters. MSCI's broadest index of Asia-Pacific shares outside Japan barely changed, Reuters reported.
Oil prices extended losses on Tuesday as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran.
Brent crude oil was down 10 cents at US$72.96 a barrel by 0037 GMT while US crude was down nine cents at US$67.80 a barrel.
On the technical outlook for the KLCI, Kenaga Research said the it was positive-bias as evidenced by positive stance on MACD and RSI indicators.
“From here, we expect a continuation towards the next resistance at 1,790 (R1) and 1830 (R2) further up. Meanwhile, support levels can be identified at 1,720 (S1) and 1,700 (S2),” it said.
Radiant Global Tech surged 32.5 sen, or more than double its offer price of 23 sen, to 55.5 sen with 85.53 million shares done.
F&N gained 52 sen to RM37.98, PPB Group 44 sen to RM16.94, CCB 25 sen to RM2.15.
Refiners came into play again as market sentiment improves as Hengyuan gained 21 sen to RM7.12 and Petron 15 sen to RM8.
Vitrox added 19 sen to RM5.98 and KESM 14 sen to RM17.50 while My EG added four sen to RM1.34. MPI lost 26 sen to RM11.48.
Ken lost 9.5 sen to 75.5 sen, Genting Plantations and Oriental four sen each to RM9.34 and RM6.09 while Can-One
and Ideal shed three sen each to RM2.37 and RM1.33.
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