KUALA LUMPUR: Blue chips extended their gains early Monday on sustained foreign buying and pushed the FBM KLCI past the 1,730 resistance level, led by Petronas Dagangan, plantations and banks.At 9.26am, the KLCI was up 5.51 points or 0.32% to 1,732.87. Turnover was 4214.39 million shares valued at RM191.46mil. There were 273 gainers, 131 losers and 262 counters unchanged.Foreign funds were net buyers on Monday at RM79mil while retail investors were net sellers at RM40.4mil and local funds at RM38.6mil.Kenanga Investment Bank Research said chart-wise, the KLCI breached above the resistance-turned-support level of 1,720 (S1) on the back of high trading volume, hovering a hair inch above its key multi-month resistance level of 1,727 (R1).“The underlying index outlook is still positively poised, as it is still trading alongside its uptrend channel. Besides, MACD has staged a bullish crossover above its signal line, while RSI and Stochastic are portraying a positive hook-up to reflect the pilling buying momentum on the key index.“All in, the KLCI looks poised to retest its immediate 1,727 (R1) level, where a convincing break out would see it gear towards its next resistance of 1,744 (R2). It rose 2.5 sen to 34 sen and Hovid-WB added 2.5 sen to 19 sen.Consumer stocks were among the losers, with Dutch Lady down 66 sen to RM55, BAT 22 sen lower at RM49.28, Heineken eight sen lower and F&N six sen down at RM23.92.

Source: The Star March 07, 2017 01:41 UTC