KUALA LUMPUR:'' The FBM KLCI clawed back into the black at mid-morning on Friday, July 30 after having declined at the opening bell when it fell in line with the retreat at key regional markets following the overnight slip on Wall Street.
At 10am, the FBM KLCI rose 1.16 points to 1,359.57, lifted by gains including at CIMB, Sime Darby, RHB Capital, Petronas Gas and PLUS Expressways.
Gainers trailed losers by 190 to 222, while 179 counters traded unchanged. Volume was 155.33 million valued at RM151.78 million shares.
RHB Research Institute Sdn Bhd said the FBM KLCI's medium-term view has turned more bullish following another positive candle recorded on Thursday, hence confirming the recent breakout of the 1,350 tough resistance level.
It said that compounded with a fresh year-high on the back of robust daily turnover (800 million-one billion shares), the bulls are ready to take the market even higher in coming sessions.
"Encouragingly, Thursday's gain spread evenly across the board, as both blue chips and lower liners enjoyed strong rotational interests throughout the day. This also strongly indicates that the current uptrend is sustainable.
"While we do not discount the possibility of mild profit-taking activities ahead of the weekend and the US 2Q GDP report that is due later tonight, we believe any profit-taking pressure will be well-absorbed," it said.
Given the upbeat technical readings as well as the steady overseas performance of late, the FBM KLCI could gear up for an extended rally to the next upside target at 1,390, said RHB Research.
On the downside, the major resistance-turned-support of 1,350 would continue to protect the current uptrend, it said.
Among the major gainers on Bursa Malaysia, Petgas rose 39 sen to RM9.94, Nestle 18 sen to RM38.98, PLUS 13 sen to RM3.88, Goh Ban Huat 12 sen to RM1.20, Lafarge Malayan Cement and MNRB added eight sen each RM6.78 and RM2.82, while P I E and New Hoong Fatt gained seven sen each to RM4.17 and RM2.36.
CIMB and RHB Capital rose three sen each to RM7.48 and RM6.55, while Sime Darby added two sen to RM7.71.
Suiwah was the top loser and fell 13 sen to RM1.46, YTL lost 11 sen to RM7.46, Tomypak down 10 sen to RM3.59 while Parkson, BAT and Hong Leong Bank lost eight sen each to RM5.50, RM43.80 and RM8.81, respectively.
Sinotop was the most actively traded counter with 18.63 million shares done. The stock fell 5.5 sen to 25.5 sen.
Other actives included Timecom, Scomi, Tanco, JCY International, E&O, Ranhill, Landmarks and Scomi Marine.
At 10am, the FBM KLCI rose 1.16 points to 1,359.57, lifted by gains including at CIMB, Sime Darby, RHB Capital, Petronas Gas and PLUS Expressways.
Gainers trailed losers by 190 to 222, while 179 counters traded unchanged. Volume was 155.33 million valued at RM151.78 million shares.
RHB Research Institute Sdn Bhd said the FBM KLCI's medium-term view has turned more bullish following another positive candle recorded on Thursday, hence confirming the recent breakout of the 1,350 tough resistance level.
It said that compounded with a fresh year-high on the back of robust daily turnover (800 million-one billion shares), the bulls are ready to take the market even higher in coming sessions.
"Encouragingly, Thursday's gain spread evenly across the board, as both blue chips and lower liners enjoyed strong rotational interests throughout the day. This also strongly indicates that the current uptrend is sustainable.
"While we do not discount the possibility of mild profit-taking activities ahead of the weekend and the US 2Q GDP report that is due later tonight, we believe any profit-taking pressure will be well-absorbed," it said.
Given the upbeat technical readings as well as the steady overseas performance of late, the FBM KLCI could gear up for an extended rally to the next upside target at 1,390, said RHB Research.
On the downside, the major resistance-turned-support of 1,350 would continue to protect the current uptrend, it said.
Among the major gainers on Bursa Malaysia, Petgas rose 39 sen to RM9.94, Nestle 18 sen to RM38.98, PLUS 13 sen to RM3.88, Goh Ban Huat 12 sen to RM1.20, Lafarge Malayan Cement and MNRB added eight sen each RM6.78 and RM2.82, while P I E and New Hoong Fatt gained seven sen each to RM4.17 and RM2.36.
CIMB and RHB Capital rose three sen each to RM7.48 and RM6.55, while Sime Darby added two sen to RM7.71.
Suiwah was the top loser and fell 13 sen to RM1.46, YTL lost 11 sen to RM7.46, Tomypak down 10 sen to RM3.59 while Parkson, BAT and Hong Leong Bank lost eight sen each to RM5.50, RM43.80 and RM8.81, respectively.
Sinotop was the most actively traded counter with 18.63 million shares done. The stock fell 5.5 sen to 25.5 sen.
Other actives included Timecom, Scomi, Tanco, JCY International, E&O, Ranhill, Landmarks and Scomi Marine.
No comments:
Post a Comment