KUALA LUMPUR: The FBM KLCI reversed its early losses on Monday, Aug 16 and was back in positive territory by mid-morning, lifted by gains including at Genting, KLK and Maybank.
The benchmark index had started the day in the red, in line with the decline at the regional markets as the Nikkei 225 slipped after data showed Japan's economy slowed sharply in April-June from the previous two quarters as export growth moderated and a stimulus-driven recovery in consumption ran out of steam.
At the regional markets, Japan's Nikkei 225 was down 0.94% to 9,166.93, the South Korean Kospi fell 1.33% to 1,723.01, Singapore's Straits Times Index lost 0.74% to 2,918.30, Taiwan's Taiex shed 0.16% to 7,879.11, the Shanghai Composite Index down 0.08% to 2,604.64 while Hong Kong's Hang Seng Index opened 0.5% lower at 20,968.65.
At Bursa Malaysia, the FBM KLCI was up 1.79 points to 1,361.94 at 10am. Losers edged gainers by 187 to 181, while 175 counters traded unchanged. Volume was 220.61 million shares valued at RM188.3 million.
Kenanga Investment Bank Bhd Research said the market continued to exhibit a high level of resilience, closing (last Friday) nearly unchanged week-on-week despite overseas weakness, ie Wall Street and the initial bout of profit taking.
It said while overseas market action should dictate the local market's direction in the near term, technically, the FBM KLCI has remained positive, premised on continuing trade above the 100-days and 200-days moving averages. Trade above the uptrend line was stretching from the May 2010 low, and trading above the long term down trend line as depicted, it said in a note Aug 16.
For the coming week, the research house expects the local market to range trade in search of new catalysts, taking substantial cue from the overseas' market action namely Wall Street.
The breakdown of the daily RSI reinforces the possible range trade scenario, it said.
While technically cautious on the US market arising from the growing economic uncertainty, downside risk to the market remained limited in the near term given abundant liquidity and low foreign participation, it said.
"Main interest we suspect should remain with the mid and lower liners given liquidity and to a certain extent, relatively better valuations. Pegging resistance at 1,369 with 1,385 as next. Support, meanwhile, can be found at 1,346 and 1,333," it said.
Genting was the top gainer and rose 25 sen to RM8.43; Nestle added 20 sen to RM39.20, Cocoaland up 11 sen to RM2.66, Autov and AIC added 10.5 sen each to RM1.03 and 91.5 sen, Hartalega up 10 sen to RM8 while Kulim and DRB-Hicom added eight sen each to RM8.17 and RM1.14.
MAS and KLK added six sen each to RM2.20 and RM18.86, Genting Malaysia up four sen to RM2.83 while Maybank gained two sen to RM7.74.
BHIC was the top loser and fell 12 sen to RM4.70. MMC Corp lost six sen to RM2.52, while Lafarge Malayan Cement, Proton, Perstima and Mudajaya fell five sen each to RM7.05, RM4.55, RM4.90 and 4.23 respectively. MAHB shed four sen to RM5.30.
Newly-listed Berjaya Retail was the most actively traded stock at mid-morning. The counter added one sen to 51 sen with 27.2 million shares done. Other actives included Compugates, Sinotop, TMC Life, DRB-Hicom and Genting.
The benchmark index had started the day in the red, in line with the decline at the regional markets as the Nikkei 225 slipped after data showed Japan's economy slowed sharply in April-June from the previous two quarters as export growth moderated and a stimulus-driven recovery in consumption ran out of steam.
At the regional markets, Japan's Nikkei 225 was down 0.94% to 9,166.93, the South Korean Kospi fell 1.33% to 1,723.01, Singapore's Straits Times Index lost 0.74% to 2,918.30, Taiwan's Taiex shed 0.16% to 7,879.11, the Shanghai Composite Index down 0.08% to 2,604.64 while Hong Kong's Hang Seng Index opened 0.5% lower at 20,968.65.
At Bursa Malaysia, the FBM KLCI was up 1.79 points to 1,361.94 at 10am. Losers edged gainers by 187 to 181, while 175 counters traded unchanged. Volume was 220.61 million shares valued at RM188.3 million.
Kenanga Investment Bank Bhd Research said the market continued to exhibit a high level of resilience, closing (last Friday) nearly unchanged week-on-week despite overseas weakness, ie Wall Street and the initial bout of profit taking.
It said while overseas market action should dictate the local market's direction in the near term, technically, the FBM KLCI has remained positive, premised on continuing trade above the 100-days and 200-days moving averages. Trade above the uptrend line was stretching from the May 2010 low, and trading above the long term down trend line as depicted, it said in a note Aug 16.
For the coming week, the research house expects the local market to range trade in search of new catalysts, taking substantial cue from the overseas' market action namely Wall Street.
The breakdown of the daily RSI reinforces the possible range trade scenario, it said.
While technically cautious on the US market arising from the growing economic uncertainty, downside risk to the market remained limited in the near term given abundant liquidity and low foreign participation, it said.
"Main interest we suspect should remain with the mid and lower liners given liquidity and to a certain extent, relatively better valuations. Pegging resistance at 1,369 with 1,385 as next. Support, meanwhile, can be found at 1,346 and 1,333," it said.
Genting was the top gainer and rose 25 sen to RM8.43; Nestle added 20 sen to RM39.20, Cocoaland up 11 sen to RM2.66, Autov and AIC added 10.5 sen each to RM1.03 and 91.5 sen, Hartalega up 10 sen to RM8 while Kulim and DRB-Hicom added eight sen each to RM8.17 and RM1.14.
MAS and KLK added six sen each to RM2.20 and RM18.86, Genting Malaysia up four sen to RM2.83 while Maybank gained two sen to RM7.74.
BHIC was the top loser and fell 12 sen to RM4.70. MMC Corp lost six sen to RM2.52, while Lafarge Malayan Cement, Proton, Perstima and Mudajaya fell five sen each to RM7.05, RM4.55, RM4.90 and 4.23 respectively. MAHB shed four sen to RM5.30.
Newly-listed Berjaya Retail was the most actively traded stock at mid-morning. The counter added one sen to 51 sen with 27.2 million shares done. Other actives included Compugates, Sinotop, TMC Life, DRB-Hicom and Genting.
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