KUALA LUMPUR: Asian markets, including Bursa Malaysia, seesawed on Wednesday, July 7 after the overnight rally at Wall Street waned in late trading, underpinned by persistent doubts about the global economic growth.
According to Reuters, the major indices ended a five-day string of losses after the S&P 500 closed at a 10-month low last Friday. However, investors used the morning's gains as an opportunity to sell rather than establish new long positions.
The Dow Jones Industrial Average was up'' or 0.59%, at 9,743.62 points. The Standard & Poor's 500 Index was up 5.48 points, or 0.54%, at 1,028.06 points. The Nasdaq Composite Index was up 2.09 points, or 0.10%, at 2,093.88 points.
At Bursa Malaysia, the FBM KLCI shed 0.92 of a point to 1,306.16 points at 10am, with losses at blue chips including at Petronas Dagangan, Tanjong, UMW, MISC and Maxis.
Losers led gainers by 137 to 113, while 138 counters traded unchanged. Volume was 114.39 million shares valued at RM100.48 million.
Nikkei 225 -0.88% 9,255.94 Kospi -0.45% 1,677.35 Straits Times Index -0.09% 2,865.58 Hang Seng Index -0.7% 19,948.15 Shanghai Composite Index +0.19% 2,413.08 At the regional markets, some profit taking was evident as Japan's Nikkei 225 shed -0.88% to 9,255.94 points, the South Korean Kospi Index down 0.45% to 1,677.35 points, Singapore's Straits Times Index lost 0.09% to 2,865.58 while Hong Kong's Hang Seng Index opened 0.7% lower at 19,948.15 points.
Meanwhile, the Shanghai Composite Index edged up 0.19% to 2,413.08 points and the Taiwan Taiex Index addd 0.09% to 7,553.53 points.
On Bursa, RHB Research Institute Sdn Bhd said the FBM KLCI must sustain at above 1,300 to regain buying support.
It said given the timely recovery on the FBM KLCI to above the critical 1,300 psychological level, fuelled by the sudden change in trading sentiment in the local futures market and the overseas indices, the recent selling mode may take a breather.
However, it was still premature at this stage for the market to turn back into a bullish scenario, it said in a note July 7.
The research house said that if the index manages to sustain at above 1,300 points and the 40-day SMA in the near term, it will form a base to stage a further recovery going forward.
But, it is expected to face a significant resistance near the 10-day SMA of 1,316 points, before it can retest the previous high at 1,335.31 points, registered in'' June 2010, it said.
'Only then can it refresh the chances of turning more bullish and retry the tougher resistance at 1,350 points.
'All said, should it fall back to below 1,300 points in the immediate term, due to the possible resumption of selling pressure in the volatile US markets, it will relaunch the selling mode and pressure the index towards the crucial 1,250-point support level,' said RHB Research.
Among the major losers, Petdag fell 10 sen to RM9.40, Tanjong, UMW and MISC lost six sen each to RM17.44, RM6.82 and RM8.55, while Maxis fell five sen to RM5.28.
Other decliners included Boxpak, Hartalega, Dayang, and Uzma.
Among the gainers, PPB and LPI Capital rose 16 sen each to RM16.10 and RM16.12, APM Automotive up 14 sen to RM4.21 and Tomypak added 11 sen to RM3.46. Other gainers included NSTP, Batu Kawan, Top Glove and MBM Resources.
SAAG was the most actively traded counter with 12 million shares traded. The stock was unchanged at 8 sen. Other actives included Sinotop, Genetec, Maxbiz, AirAsia, Kumpulan Europlus and IRCB.
According to Reuters, the major indices ended a five-day string of losses after the S&P 500 closed at a 10-month low last Friday. However, investors used the morning's gains as an opportunity to sell rather than establish new long positions.
The Dow Jones Industrial Average was up'' or 0.59%, at 9,743.62 points. The Standard & Poor's 500 Index was up 5.48 points, or 0.54%, at 1,028.06 points. The Nasdaq Composite Index was up 2.09 points, or 0.10%, at 2,093.88 points.
At Bursa Malaysia, the FBM KLCI shed 0.92 of a point to 1,306.16 points at 10am, with losses at blue chips including at Petronas Dagangan, Tanjong, UMW, MISC and Maxis.
Losers led gainers by 137 to 113, while 138 counters traded unchanged. Volume was 114.39 million shares valued at RM100.48 million.
Nikkei 225 -0.88% 9,255.94 Kospi -0.45% 1,677.35 Straits Times Index -0.09% 2,865.58 Hang Seng Index -0.7% 19,948.15 Shanghai Composite Index +0.19% 2,413.08 At the regional markets, some profit taking was evident as Japan's Nikkei 225 shed -0.88% to 9,255.94 points, the South Korean Kospi Index down 0.45% to 1,677.35 points, Singapore's Straits Times Index lost 0.09% to 2,865.58 while Hong Kong's Hang Seng Index opened 0.7% lower at 19,948.15 points.
Meanwhile, the Shanghai Composite Index edged up 0.19% to 2,413.08 points and the Taiwan Taiex Index addd 0.09% to 7,553.53 points.
On Bursa, RHB Research Institute Sdn Bhd said the FBM KLCI must sustain at above 1,300 to regain buying support.
It said given the timely recovery on the FBM KLCI to above the critical 1,300 psychological level, fuelled by the sudden change in trading sentiment in the local futures market and the overseas indices, the recent selling mode may take a breather.
However, it was still premature at this stage for the market to turn back into a bullish scenario, it said in a note July 7.
The research house said that if the index manages to sustain at above 1,300 points and the 40-day SMA in the near term, it will form a base to stage a further recovery going forward.
But, it is expected to face a significant resistance near the 10-day SMA of 1,316 points, before it can retest the previous high at 1,335.31 points, registered in'' June 2010, it said.
'Only then can it refresh the chances of turning more bullish and retry the tougher resistance at 1,350 points.
'All said, should it fall back to below 1,300 points in the immediate term, due to the possible resumption of selling pressure in the volatile US markets, it will relaunch the selling mode and pressure the index towards the crucial 1,250-point support level,' said RHB Research.
Among the major losers, Petdag fell 10 sen to RM9.40, Tanjong, UMW and MISC lost six sen each to RM17.44, RM6.82 and RM8.55, while Maxis fell five sen to RM5.28.
Other decliners included Boxpak, Hartalega, Dayang, and Uzma.
Among the gainers, PPB and LPI Capital rose 16 sen each to RM16.10 and RM16.12, APM Automotive up 14 sen to RM4.21 and Tomypak added 11 sen to RM3.46. Other gainers included NSTP, Batu Kawan, Top Glove and MBM Resources.
SAAG was the most actively traded counter with 12 million shares traded. The stock was unchanged at 8 sen. Other actives included Sinotop, Genetec, Maxbiz, AirAsia, Kumpulan Europlus and IRCB.
No comments:
Post a Comment