Tuesday, August 3, 2010

FBM KLCI remains in the black at mid-morning

KUALA LUMPUR: The FBM KLCI stayed in positive territory at mid-morning on Tuesday, Aug 3 in line with the regional markets after the overnight gains at Wall Street.

On Monday, strong European bank results and better-than-expected US data boosted optimism about economic recovery and sent US stocks to a 10-week closing high, according to Reuters.

On Bursa Malaysia, the FBM KLCI added 2.17 points to 1,365.77 at 10am, lifted by gains including at Petronas Dagangan, PPB, Public Bank and AMMB.

Gainers led losers by 290 to 158, while 222 counters traded unchanged. Volume was 270.29 million shares valued at RM239.85 million.

RHB Research Institute Sdn Bhd said that based on the increased short-term participation amongst institutions and retailers, as well as the FBM KLCI's ability to scale to a fresh year high on Monday, the research house remains bullish, though the chart shows a "star-like" candle on Monday.

Technically, the candle suggests a possible pause or retreat today, it said.

"In our view, as long as the index sustains at above the recent bullish breakout point of 1,350 and the supportive 10-day SMA, any pullback will be viewed as a temporary setback.

"In other words, any short-term weakness will offer a chance for bargain hunters to reopen their positions for a further rally ahead," it said in a note on Tuesday.

RHB Research said the FBM KLCI's current bullish uptrend should persist towards the 1,390 important upside target in the near term.

"And the upswing will resume, if it ekes out beyond Monday's high of 1,368.43," it said.

The top gainer at 10am was Nestle, which added 50 sen to RM39.30; Petronas Dagangan gained 39 sen to RM10.80, Perak Corp up 16 sen to RM1.17, Theta Edge rose 13 sen to RM1.72 and Negri Sembilan Oil Palms up 12 sen to RM4.92.

Meanwhile, PPB, Batu Kawan, Public Bank and AMMB added 10 sen each to RM17.40, RM11.60, RM12 and RM5.19 respectively.

Tafi was the top loser and fell 18 sen to 20; Cocoaland lost 16 sen to RM2.86, LPI Capital down 10 sen to RM17.70, MTD eight sen to RM5.01, Press Metal and Tomypak lost seven sen each to RM1.47 and RM3.48, EA Holdings down 6.5 sen to 49 sen while Uzma lost five sen to RM1.51.

Sinotop was the most actively traded counter with 57.73 million shares done. The stock fell 4.5 sen to 21 sen.

Other actives included KNM, P&O, Scomi, Kenmark, Axiata, E&O and Redtone.

Newly-listed SSC Holdings was also actively traded with 5.54 million shares done. At 10am, the counter rose 4.5 sen to 82.5 sen.

Over at the regional markets, Japan's Nikkei 225 rose 1.22% to 9,687.47, the South Korean Kospi up 0.32% to 1,788.01, Taiwan's Taiex 0.56% to 7,956.22, Singapore's Straits Times Index 0.19% to 3,030.74, the Shanghai Composite Index 0.10% to 2,675.22 and Hong Kong's Hang Seng Index up 0.68% to 21,558.58.


No comments:

Post a Comment