in

KLCI stays afloat of 1,600, bank earnings in focus

KUALA LUMPUR: Investors took some cash off the table after yesterday rally following Parliament’s passing of the policy stage of Budget 2021.

At 12.30pm, the FBM KLCI was down 4.14 points to 1,607.97.

However, analysts believe that bullish sentiment has entered the market and is set to continue.

“The positive progress of Budget 2021 has instilled further confidence in the Malaysian market as the FBM KLCI soared beyond the 1,600 psychological level yesterday.

“With the uncertainty from the aforementioned event being eliminated, the focus has now reverted back to the economic recovery progress,” said Malacca Securities Research in its morning outlook.

The research house expect further upsides to come by towards the immediate resistance of 1,640 and 1,670. It pegged the supports to 1,600 and 1,570.

Among some of the decliners include Maybank, whose earnings performance is due during the lunch break. The bank lost four sen to RM8.15.

Other banks due to announce their earnings results include Public Bank, shedding six sen to RM18.66 and Hong Leong Bank, losing eight sen to RM17.

Bank on the rise include CIMB up one sen to RM3.82 and RHB adding three sen to RM5.10.

Meanwhile, aliminium producer Press Metal gained 38 sen to RM7.08 on the back of its own earnings announcement yesterday.

Top actively traded counters include AT Systemization up 0.5 sen to 20.5 sen, Kanger up 0.5 sen to 18.5 sen and Key Alliance unchanged at six sen.

Reference