KUALA LUMPUR: Blue chips on Bursa Malaysia shrugged off the early cautious sentiment, as some buying emerged in Axiata and Petronas Dagangan, enabling the FBM KLCI to extend its gains for the fifth straight day at the midday break on Thursday, July 29.
At 12.30 pm, the FBM KLCI was up 2.75 points to 1,357.94 as the 30-stock index, enabling the index to hold above the highest level since February 2008. Turnover was 528.83 million shares valued at RM660 million. There were 304 gainers, 313 losers and 284 stocks unchanged.
Earlier, market sentiment was'' subdued due to the slightly negative overnight close in the US markets with the Dow Jones Industrial Average ending Wednesday down 0.38% to 10,497.88. The similarly subdued performance of major regional markets'' also had a role in the trading sentiment, said a senior chartist.
However, he said that volume on the Malaysian market in the morning had improved from Wednesday's full day trading of 78.1 million shares.
"This means that there could be some bargain hunting taking place," he said. He expects short-term sentiment "should be quite supportive as long as the FBM KLCI stays above the 1,350 resistance turned support level".
Nikkei 225 -0.45% 9,709.16 Hang Seng Index -0.11% 21,067.52 Singapore's Straits Times Index -0.01% 2,985.05 Shanghai Composite Index +0.51% 2,647.17
At Bursa, Petronas Dagangan was the top gainer, up 33 sen to RM10.30, Axiata added 21 sen to RM4.36, pushing up the FBM KLCI by 4.32 points.'' Measat jumped 27 sen to RM4.07 on the takeover offer by its major shareholder.
Glove makers Hartalega added 17 sen to RM8.30 and Top Glove 15 sen to RM6.17 on a positive outlook for the sector.
Mudajaya, managed to halt its recent selling pressure, with the shares rising 11 sen to RM5.20.
Nestle, which was the top performer on Wednesday, slipped 40 sen to RM38.80. Sime Darby fell seven sen to RM7.69, CIMB three sen to RM7.46 and Maxis also three sen to RM5.29. TransOcean slumped 29.5 sen to 60.5 sen but with 300 shares done only.
At 12.30 pm, the FBM KLCI was up 2.75 points to 1,357.94 as the 30-stock index, enabling the index to hold above the highest level since February 2008. Turnover was 528.83 million shares valued at RM660 million. There were 304 gainers, 313 losers and 284 stocks unchanged.
Earlier, market sentiment was'' subdued due to the slightly negative overnight close in the US markets with the Dow Jones Industrial Average ending Wednesday down 0.38% to 10,497.88. The similarly subdued performance of major regional markets'' also had a role in the trading sentiment, said a senior chartist.
However, he said that volume on the Malaysian market in the morning had improved from Wednesday's full day trading of 78.1 million shares.
"This means that there could be some bargain hunting taking place," he said. He expects short-term sentiment "should be quite supportive as long as the FBM KLCI stays above the 1,350 resistance turned support level".
Nikkei 225 -0.45% 9,709.16 Hang Seng Index -0.11% 21,067.52 Singapore's Straits Times Index -0.01% 2,985.05 Shanghai Composite Index +0.51% 2,647.17
At Bursa, Petronas Dagangan was the top gainer, up 33 sen to RM10.30, Axiata added 21 sen to RM4.36, pushing up the FBM KLCI by 4.32 points.'' Measat jumped 27 sen to RM4.07 on the takeover offer by its major shareholder.
Glove makers Hartalega added 17 sen to RM8.30 and Top Glove 15 sen to RM6.17 on a positive outlook for the sector.
Mudajaya, managed to halt its recent selling pressure, with the shares rising 11 sen to RM5.20.
Nestle, which was the top performer on Wednesday, slipped 40 sen to RM38.80. Sime Darby fell seven sen to RM7.69, CIMB three sen to RM7.46 and Maxis also three sen to RM5.29. TransOcean slumped 29.5 sen to 60.5 sen but with 300 shares done only.
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