Malaysia KLCI Extends Gains; 1601-1655 Band -Maybank

19 Sep 2012 K

Malaysia's KLCI extends early gains slightly, up 0.4% at 1646.87 at the midday break, tracking the rise in most Asian stock markets; Maybank IB says technical signals are mainly mixed and the benchmark index will likely trade in a 1601-1655 band over the next two weeks.  "Dispose, especially on gap-up rallies," the house says, noting a sharp rebound last week that will give investors a chance to take profit on any rallies as the index fills the gap between 1628.57 and 1633.49 formed last Thursday and Friday.   Market breadth is slightly negative at 276 losers and 268 gainers with 481.7 million shares changing hands. Perisai Petroleum (0047.KU) is up 3.4% at MYR0.915 on news of charter agreements worth $40 million.  Bucking the trend, plantation stocks are down due to supply glut concerns; Felda Global (5222.KU) is down 0.2% at MYR4.87, IOI Corp. (1961.KU) down 0.6% at MYR5.09 and Kuala Lumpur Kepong (2445.KU) is down 0.3% at MYR22.18.