KUALA LUMPUR: The local bourse could be seen taking on a sideways trading pattern as it emerges out of the Chinese New Year holiday lull.

       In a report, Kenanga Research noted that the FBM KLCI showed signs of easing selling pressure after ending the previous week with a slight gain of 2.7 points or 0.2%

       "On the chart, after bouncing off from a low of 1,503 on 25 January (which represents a 4.3% retracement from a recent high of 1,570 on 13 January) to close at 1,523 last Friday, the underlying market sentiment appears less bearish for the moment.

       "This may then set the stage for the benchmark index to enter into a short-term consolidation pattern ahead.

       "With the FBMKLCI still treading below the 25-day SMA while the DMI Plus has just crossed under the DMI Minus, the bellwether could range bound – possibly with a slight negative bias first – between our immediate support and resistance thresholds of 1,510 (S1) and 1,550 (R1) in the near term," said the research house.

       At 9.05am, the FBM KLCI was up 5.78 points to 1,528.54. There was a positive market breadth with 219 gainers compared to 104 decliners.

       Press Metal gained weight with a 10 sen jump go RM6.31 while Petronas Chemicals rose four sen to RM9 amid the still-rising price of crude oil.

       Maybank added four sen to RM8.30, Tenaga Nasional rose three sen to RM9.14 and IHH gained two sen to RM6.48.

       Plantations plays were also higher due to the increase in crude palm oil prices with IOI gaining two sen to RM3.76 and Sime Darby Plantation adding one sen to RM3.53. Kuala Lumpur Kepong however lost 22 sen to RM21.50.

       Meanwhile, Hartalega , which will releasing its earnings results later this week, climbed 13 sen to RM5.73, while sector rival Top Glove jumped 10 sen to RM2.27.

       Top actives were DNeX up two sen to RM1.03, AT Systemization gaining 0.5 sen to three sen and Alam Maritim unchanged at 3.5 sen.