KUALA LUMPUR: Blue chips were range-bound early Monday with the FBM KLCI clinging on to the key 1,700 level as the fall in oil prices restrained oil and gas stocks.

At 9.23am, the KLCI was up 0.35 of a point or 0.02% to 1,701.38. Turnover was 413.90 million shares valued at RM150.01mil. There were 197 gainers, 135 losers and 220 counters unchanged.

Kenanga Investment Research is maintaining its neutral outlook, as the index remains firmly above the 20 and 50-day SMAs with some momentum indicators showing positive signals. 

“Continuous positive momentum will see it trending towards resistance level at 1,730 (R1), closer to its 100-day SMAs. A decisive takedown will see the index on a clear path towards 1,800 (R2). Conversely, support levels can be identified at 1,610 (S1) and 1,600 (S2),” it said.

 Meanwhile, Asian stocks advanced as Wall Street rallied after a deal was announced to reopen the US government following a prolonged shutdown that had shaken investor sentiment, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.2%. South Korea's Kospi edged up 0.2% but Japan's Nikkei eased 0.2%.

Oil prices fell after US energy firms added rigs for the first time this year in a sign that crude production there will rise further.

US spot crude oil futures fell 32 cents to US$53.37 per barrel and international Brent crude oil futures were at US$61.37 a barrel, down 27 cents.

At Bursa, Nestle rose 40 sen to RM149.20 and F&N 28 sen to RM34.60 while Carlsberg gained 14 sen to RM20.28 and Heineken 10 sen to RM21.

Takaful extended its gains, rising 20 sen to RM4.30, PPB Group 18 sen to RM18.26 while MPI added 10 sen to RM10.20.

Petronas Dagangan gained 18 sen to RM26.28 but heavyweight Petronas Chemical lost 10 sen to RM8.59.

Sapura Energy added one sen to 29 sen and Barakah 0.5 sen to 9.5 sen but Bumi Armada shed 0.5 sen to 22.5 sen.

Edgenta fell 12 sen to RM2.64, United Plantations 10 sen to RM25.90, Press Metal eight sen to RM4.25, MAHB and Westports seven sen each to RM8.13 and RM3.83.