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KLCI ekes out small gains early Wednesday, Ringgit dips

KUALA LUMPUR: Petronas Gas and BAT drove the FBM Klci somewhat higher early Wednesday while the more extensive market was firmer as financial specialist assumption livened up taking after the solid overnight close on Wall Street. 

At 9.38am, the KLCI was up 0.68 of an indicate or 0.04% 1,681.37. Turnover was 179.70 million shares esteemed at RM123.22mil. There were 195 gainers, 116 failures and 244 counters unaltered. 

Kenanga Investment Research said the firmer close on Bursa on Tuesday was on the back of a firmer Ringgit against the US dollar at 4.4355/US$. 

"Specialized shrewd, the toppish energy pointers, for example, RSI and Stochastic are as yet recommending that upside is constrained at this crossroads, particularly when exchanging volume is required to level as we enter the abbreviated exchanging week ahead for the Chinese New Year occasions," it said. 

It included that if the KLCI can move over the 1,685 level (R1), it could set sight at 1,700. Or disaster will be imminent, the KLCI will probably keep on trading mildly inside 1,660-1,680 this week. Next resistance and bolster levels are found 1,700 (R2) and 1,660 (S2), individually. 

In any case, the ringgit slipped against the US dollar early Wednesday, down 0.07% to 4.4360 from 4.4330 the earlier day. Year-to-date, it is up 1.09%. 

Reuters announced oil edged lower on Wednesday, snapping four sessions of additions as an expansion in U.S. inventories weighed available, counterbalancing bullish energy from generation cuts declared by OPEC and different makers. 

US West Texas Intermediate (WTI) rough fates had fallen 19 pennies, or 0.3%, to $52.99 a barrel by 0022 GMT. 

At Bursa, Nestle was the top gainer, up 46 sen to RM75.46 with 100 shares done while BAT picked up 38 sen to RM46.76. 

Petronas Gas added 12 sen to RM10.40 while RHB Bank edged up five sen to RM4.97. 

Smolder in chip analyzer KESM rose 14 sen to RM10.40 with 100 shares done, SCGM added nine sen to RM3.40 and Ann Joo five sen to RM2.45. 

AirAsia rose two sen to RM2.51 with 3.35 million shares done. 

Keeping down the KLCI's progress were PPB Group and IHH Healthcare. PPB lost five sen to RM16.28 and IHH was down eight sen to RM6.37. 

UMW lost three sen to RM5.13 and Magni-Tech three sen bring down additionally to RM4.64.

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This post first appeared on Bursa Malaysian Intraday Stock Picks | KLSE Trading Signals | Intraday Recommendation, please read the originial post: here

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KLCI ekes out small gains early Wednesday, Ringgit dips


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