Wednesday, June 9, 2010

FBM KLCI stays positive at mid-morning

KUALA LUMPUR: The FBM KLCI was marginally up at mid-morning Wednesday, June 9, in line with most of its regional peers after the Dow Jones and S&P 500 Index closed higher at Wall Street overnight.

At the regional markets, Hong Kong's Hang Seng Index opened 0.4% higher at 19,502.82, the Shanghai Composite Index was up 0.4% to 2.523.50, the Singapore Straits Times Index up 0.22% to 2,752.83, the South Korean Kospi up 0.08% to 1,652.74 and Taiwan's TAIEX Index added 0.21% to 7,167.21.

Japan's Nikkei 225, however, declined 0.98% to 9,444.15.

At Bursa Malaysia, the FBM KLCI was up 1.84 points to 1,290.02 at 10am, lifted by gains including at Tenaga, Public Bank, CIMB, Maybank, YTL Corp and MISC.

Gainers led losers by 158 to 97, while 153 counters traded unchanged. Volume was 138.04 million shares valued at RM92.64 million.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a report Wednesday said due to Wall Street's firm market action last night, the FBM KLCI could probably gap-up on Wednesday, followed by profit-taking in the later part of the day.

"We wonder how much longer the FBM KLCI can stand up amidst global price adversity. It would not be wise to bargain hunt on the local exchange for the longer term.

"We still favour a very short-term trading approach to the local bourse," he said.

Among major gainers in early trade at Bursa Malaysia, Tenaga was up two sen to RM8.31, Public Bank four sen to RM11.56 while CIMB and Maybank added one sen each to RM6.88 and RM7.40.

Meanwhile, YTL Corp, MISC and Zelan added six sen each to RM7.36, RM8.40 and 53.5 sen while MPI gained five sen to RM6.30.

Other gainers included Asia File, Supermax and Hai-O.

Kenmark was the top loser at mid-morning and was also the most actively traded stock. The counter fell 9.5 sen to 17.5 sen with 36.34 million shares done.

Meanwhile, MMC Corp, Sime Darby and Hong Leong Bank lost four sen each to RM2.46, RM7.75 and RM8.28, respectively.

Other losers included New Hoong Fatt, K-Star Sports, Toyo Ink and Atlan.

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