Friday, June 11, 2010

Asian markets remain positive at midday

KUALA LUMPUR: Asian markets, including FBM KLCI, stayed in positive territory at midday on Friday, June 11 on the back of the overnight firmer close at Wall Street as well as on optimism that the world economic recovery was on track despite the looming euro zone debt crisis.

There was little impact from a spate of fresh Chinese data, according to Reuters.

The data showed China's inflation accelerated to a 19-month high in May while industrial output and fixed-asset investment growth moderated, sending mixed signals about the temperature of the world's third-largest economy.

At the regional markets, Japan's Nikkei 225 was up 1.78% to 9,712.37, Hong Kong's Hang Seng Index 1.34% to 19,895.48, Taiwan's TAIEX Index 1.69% to 7,303.44, the South Korean Kospi Index 0.92% to 1,666.92, the Shanghai Composite Index 0.36% to 2,571.86 and Singapore's Straits Times Index 0.35% to 2,789.24.

At Bursa Malaysia, the FBM KLCI did manage to briefly breach the 1,300-point psychological level in early trade when it rose more than 10 points, but at midday, it gave up some of its earlier gains and was up 6.04 points to 1,297.35.

Gainers led losers by 347 to 135, while 226 counters traded unchanged. Volume was 276.86 million valued at RM378.02 million.

Maybank Investment Bank Bhd's head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Friday said due to the US' large upward market action overnight, the FBM KLCI might gap-up on Friday to be followed by pre-weekend profit-taking.

"We advise local investors to trade on an intraday basis only and not hold onto stocks for the longer term," he said.

Among the major gainers on Bursa Malaysia at midday, PPB rose 16 sen to RM15.98, DiGi and BAT added 10 sen each to RM22.68 and RM44.10, Axiata rose eight sen to RM3.85, Maybank up six sen to RM7.47 while CIMB was up three sen to RM6.39.

Other gainers included Shell, F&N, IJM PLANTATION []s, MPI, Top Glove, Rimbunan Sawit and Kesm Industries.

Kenmark was the most actively traded counter with 37.53 million shares done. The counter fell 5.5 sen to 14 sen. Other actives included Talam, Denko, LCL, Axiata, CIMB and Maybank.

The losers at midday included Bandar Raya Developments, Amway, Asia File and Crest Builder.

No comments:

Post a Comment