KUALA LUMPUR: The FBM KLCI trend higher Wednesday, tracking the overnight gains at Wall Street, as Public Bank and Tenaga Nasional lifted.

       The benchmark index added 3.45% to 1,496.13 at 9.05am with 205 gainers, 109 losers, and 207 traded unchanged. Turnover stood at 334.45 million units worth RM120.09mil.

       Overnight, the Dow Jones Industrial Average rose 561 points, or 1.6%, while the S&P 500 gained 1.8%, and the Nasdaq Composite advanced 2.4%.

       TA Securities Research said stocks should continue to trade sideways given uncertainty over the economic reopening pace due to the rapid spread of the omicron strain globally, and rising inflationary pressures.

       “Immediate index support remains at the most recent low of 1,475, while key chart supports are at 1,470 and 1,452, the 50% Fibonacci Retracement (FR) matching the Nov 2020 low, which should cushion downside. Immediate resistance is set at 1,520, with 1,550, then 1,580 and 1,600 as tougher upside hurdles ahead,” it said.

       Meanwhile, Rakuten Trade Sdn Bhd reckoned the FBM KLCI movements would continue to be hampered by persistent selling by foreign funds.

       “Therefore, we do not see the index to stage any solid rebound and expect it to trend within the 1,490-1,500 range today.

       “Meanwhile, crude palm oil (CPO) price closed higher in line with the recovery in soyabean oil prices and the reduction of import duty by India on CPO,” it said.

       On Bursa Malaysia, Genetec surged RM1.46 to RM37.60, Nestle added 40 sen to RM132, KESM gained 30 sen to RM12.36, ViTrox rose 20 sen to RM19.78 and HLFG advanced 18 sen to RM17.18.

       The early losers on Bursa Malaysia included Hong Leong Bank, Carlsberg, UMS, and PMB Technology.