Genting, Hong Leong Bank underpin KLCI’s advance

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KUALA LUMPUR: Blue chips faltered in unstable exchange after the most recent cluster of money related outcomes yet some reserve purchasing of Genting Bhd and Hong Leong Bank prodded the FBM KLCI into the positive zone early Tuesday. 

At 9.51am, the KLCI was up 1.35 focuses or 0.08% to 1,766.24.

Turnover was 594.59 million offers esteemed at RM245.76mil. There were 190 gainers, 337 washouts and 314 counters unaltered.
In any case, the ringgit slipped 0.25% against the more grounded US dollar. It was at 4.281 to the greenback from the past close of 4.2705.
Kenanga Investment Bank Research emphasized that the KLCI will proceed on its range-bound mode this week inside 1,760 to 1,784.

It said the overhead resistance for the KLCI was at 1,784 (R1) and 1,800 (R2), while bolster levels were at 1,760 (S1) and 1,743 (S2).

“Then again, the little top Index has been experiencing a pullback after it neglected to break over the resistance level of 18,000 (R2), setting its fifth sequential session of decay yesterday,” it said.
It indicated out that due the declining exchanging volume, the transient direction of the basic file is by all accounts bearish-inclination as delineated by the bearish merging of the MACD and down slanting of RSI.
“On a brighter note, we watch that the Stochastic had as of now wandered into profound oversold while RSI has achieved a year-to-date low levels, implying that drawback could be constrained from here.
"All in, while we see that the FBMSC list would proceed on its drawback inclination direction this week, the key record could discover some purchasing bolster rising nearer towards the 17,263 (S1)/17,000 (S2) level. In the mean time, overhead resistance levels are topped at 17,531 (R1)/18,000 (R2)," it said.
Ajinomoto rose 34 sen to RM20.34 in the wake of reporting its profit pay-out to shareholders. Likewise up 34 sen was KESM to RM13.68.
BAT rose 18 sen to RM44.38, Hap Seng 14 sen to RM9.24 and Top Glove 11 sen to RM5.43.
Genting Bhd rose 17 sen to RM9.90 however Genting Malaysia fell 22 sen to RM5.89. Genting Malaysia’s 1Q17 center income were underneath CIMB Equities Research and market’s desires.
Hong Leong Bank rose 10 sen to RM14.06 after its solid arrangement of results and provoking redesigns by examiners.
Hibiscus was the most dynamic with 152.97 million offers done, adding 7.5 sen to 48.5 sen. Petronas had given the thumbs up for accomplice Royal Dutch Shell to offer the last's its half stake in their joint-wander North Sabah improved oil recuperation (EOR) venture to Hibiscus Petroleum Bhd. In any case, the endorsement is liable to specific conditions.

Benefit taking saw F&N sliding 68 sen to RM24.30 with 400 offers done.

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