KUALA LUMPUR: The FBM KLCI stayed above the 1,380-point level at mid-morning Wednesday, Aug 18, ahead of the second quarter GDP release scheduled for this evening as well as on the back of some positive earnings for the June quarterly results.
The FBM KLCI rose 3.12 points to 1,381.59 at 10am. Gainers led losers by 241 to 148, while 232 counters traded unchanged. Volume was 234.79 million shares valued at RM290.67 million.
RHB Research said despite the constant profit-taking pressure throughout the day due to recent sharp gains, the FBM KLCI still managed to chalk up gains with a possible bullish "three white soldiers" candle on the chart.
Coupled with the robust daily volume at above the one billion shares mark, and the positive overall technical readings, the FBM KLCI is due to rechallenge the upside target at 1,390, nearer the 1,400 psychological level soon.
The research house said though it did not discount the possibility of continuous profit-taking pressure Wednesday due to the short-term "overbought" momentum readings, it remains bullish on the short-, medium- and long-term outlook on the FBM KLCI.
"This view will only be threatened, if the index surprises us with a negative turn to below the 10-day SMA of 1,362 and the key breakout point at 1,350 in the near term.
"Overall, we expect the index-linked heavyweights and the mid-cap stocks to lead buying interests in the short run," it said.
Among the major gainers on Bursa Malaysia, CIMB rose eight sen to RM7.47, Maxis up 11 sen to RM5.40, Sime and Genting Malaysia added four sen each to RM7.71 and RM3.30, while AMMB was up six sen to RM5.49.
Nestle and Yee Lee added 20 sen each to RM39.70 and RM3.54, LPI Capital up 16 sen to RM17.80, MBM Resources added 13 sen to RM3.29 while Tasco rose 12 sen to RM1.12.
The top loser at mid-morning was JT International that fell 29 sen to RM5.40. SEG International fell 23 sen to RM2.62, Genting fell 12 sen to RM8.81, Asia File down five sen to RM4.25 while Johore Tin, HELP and Tradewinds PLANTATION [] fell four sen each to 76 sen, RM4.07 and RM1.69 respectively.
Carotech was the most actively traded stock with 18.34 million shares done. The counter added half a sen to 10.5 sen. Other actives included Tiger, Ogawa, TMC Life, Genting Malaysia, Maxis and Sinotop.
Regional markets were mostly up this morning, with Japan's Nikkei 225 gaining 0.41% to 9,199.57, Taiwan's Taiex up 0.39% to 7,962.06, the Singapore Straits Times Index up 0.42% to 2,935.53, the South Korean up 0.24% to 1,759.31 while Hong Kong's Hang Seng Index opened 0.5% higher at 21,233.19. The Shanghai Composite Index, however, slipped 0.13% to 2,668.76.
The FBM KLCI rose 3.12 points to 1,381.59 at 10am. Gainers led losers by 241 to 148, while 232 counters traded unchanged. Volume was 234.79 million shares valued at RM290.67 million.
RHB Research said despite the constant profit-taking pressure throughout the day due to recent sharp gains, the FBM KLCI still managed to chalk up gains with a possible bullish "three white soldiers" candle on the chart.
Coupled with the robust daily volume at above the one billion shares mark, and the positive overall technical readings, the FBM KLCI is due to rechallenge the upside target at 1,390, nearer the 1,400 psychological level soon.
The research house said though it did not discount the possibility of continuous profit-taking pressure Wednesday due to the short-term "overbought" momentum readings, it remains bullish on the short-, medium- and long-term outlook on the FBM KLCI.
"This view will only be threatened, if the index surprises us with a negative turn to below the 10-day SMA of 1,362 and the key breakout point at 1,350 in the near term.
"Overall, we expect the index-linked heavyweights and the mid-cap stocks to lead buying interests in the short run," it said.
Among the major gainers on Bursa Malaysia, CIMB rose eight sen to RM7.47, Maxis up 11 sen to RM5.40, Sime and Genting Malaysia added four sen each to RM7.71 and RM3.30, while AMMB was up six sen to RM5.49.
Nestle and Yee Lee added 20 sen each to RM39.70 and RM3.54, LPI Capital up 16 sen to RM17.80, MBM Resources added 13 sen to RM3.29 while Tasco rose 12 sen to RM1.12.
The top loser at mid-morning was JT International that fell 29 sen to RM5.40. SEG International fell 23 sen to RM2.62, Genting fell 12 sen to RM8.81, Asia File down five sen to RM4.25 while Johore Tin, HELP and Tradewinds PLANTATION [] fell four sen each to 76 sen, RM4.07 and RM1.69 respectively.
Carotech was the most actively traded stock with 18.34 million shares done. The counter added half a sen to 10.5 sen. Other actives included Tiger, Ogawa, TMC Life, Genting Malaysia, Maxis and Sinotop.
Regional markets were mostly up this morning, with Japan's Nikkei 225 gaining 0.41% to 9,199.57, Taiwan's Taiex up 0.39% to 7,962.06, the Singapore Straits Times Index up 0.42% to 2,935.53, the South Korean up 0.24% to 1,759.31 while Hong Kong's Hang Seng Index opened 0.5% higher at 21,233.19. The Shanghai Composite Index, however, slipped 0.13% to 2,668.76.
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