KUALA LUMPUR: The FBM KLCI stayed firmly above the 1,370-point level on Tuesday, Aug 17, lifted by the gains at blue chips including the Genting group and finance-related stocks.
At the mid-day break, the benchmark index was up 8.81 points to 1,379.39. It had earlier risen by more than 10.4 points to a high of 1,381.02.
Gainers led losers by 357 to 307, while 274 counters traded unchanged. Volume was 615.78 million shares valued at RM845.79 million.
RHB Research Institute Sdn Bhd said the outlook was turning bullish and the index will likely hit 1,390 soon.
In a note Aug 17, the research house said that the FBM KLCI's chart outlook has once again turned bullish after enjoying another stunning rally, to above the 10-day SMA of 1,360 and chalking up a fresh year high of 1,370.58 on Monday.
In fact, with the help of the rallies on selective bluechips, the market sentiment turned even more upbeat, as investors' buying appetite has improved dramatically due to Monday's broad based buying, it said.
It said that as long as the average daily turnover could sustain at within 800 million-1 billion shares, the current sentiment appears sustainable, with the absence of strong negative leads from the external markets.
"As a result, we expect the FBM KLCI to rally towards the immediate upside target of 1,390, nearer to the psychological level at 1,400 soon.
"Events to capture investors' attention will be the upcoming local earnings results and the 2Q GDP [gross domestic product] number due this week, and a series of economic data in the US markets," it said.
Meanwhile, HLG Research reiterated that given the negative technical readings from Dow and key regional bourses, coupled with a persistent downtrend in the 10-year US Treasury yields, global markets were heading towards a wild ride ahead as investors grapple with earnings and economic news.
"Nevertheless, the local bourse continues to demonstrate its resilience amid positive expectations of a strong 2Q GDP and domestic earnings releases for the rest of the month.
"Moreover, improving technical readings are likely to drive our index to test the immediate resistance at 1,374 (50% FR from top 1,524 and low of 1,224), followed by 1,392 (intraday high on July 24, 2007). Support levels are situated at 1,350 and 1,338 (38.2% FR)," it said in a note on Tuesday.
On Bursa Malaysia,'' Genting Malaysia was among the top gainers and was the most actively traded counter. The stock added 25 sen to RM3.07 with 35.7 million shares done.
Genting rose 24 sen to RM8.96, CIMB added six sen to RM7.39, Maybank four sen to RM7.98, AMMB and Hong Leong Bank added 11 to RM5.36 and RM8.85, while Hong Leong Financial Group gained nine sen to RM8.47.
Other gainers were SEG International added 16 sen to RM2.86, Goldis and Tan Chong rose 15 sen each to RM1.45 and RM5.15, Eng Teknologi was up 13 sen to RM1.97 while Bursa rose 12 sen to RM7.15.
Among the top losers, PPB fell 22 sen to RM16.86, F&N lost 16 sen to RM13.94, Tasek fell 15 sen to RM6.60, P.I.E and Pharmaniaga lost 14 sen each to RM4.21 and RM5.50, KFCH declined 12 sen to RM10.68, MAS down 11 sen to RM2.17 while MTD Capital lost 10 sen to RM5. The actives included Tiger, Multi Sports and Berjaya Retail.
Regional markets, meanwhile were mixed with Japan's Nikkei 225 down 0.39% to 9,161.21, Hong Kong's Hang Seng Index declined 0.25% to 21,059.94 while Singapore's Straits Times Index shed 0.12% to 2,930.03.
The South Korean Kospi Index rose 0.45% to 1,751.21, the Shanghai Composite Index up 0.24% to 2,667.97 while the Taiwan Taiex added 0.07% to 7,946.79.
At the mid-day break, the benchmark index was up 8.81 points to 1,379.39. It had earlier risen by more than 10.4 points to a high of 1,381.02.
Gainers led losers by 357 to 307, while 274 counters traded unchanged. Volume was 615.78 million shares valued at RM845.79 million.
RHB Research Institute Sdn Bhd said the outlook was turning bullish and the index will likely hit 1,390 soon.
In a note Aug 17, the research house said that the FBM KLCI's chart outlook has once again turned bullish after enjoying another stunning rally, to above the 10-day SMA of 1,360 and chalking up a fresh year high of 1,370.58 on Monday.
In fact, with the help of the rallies on selective bluechips, the market sentiment turned even more upbeat, as investors' buying appetite has improved dramatically due to Monday's broad based buying, it said.
It said that as long as the average daily turnover could sustain at within 800 million-1 billion shares, the current sentiment appears sustainable, with the absence of strong negative leads from the external markets.
"As a result, we expect the FBM KLCI to rally towards the immediate upside target of 1,390, nearer to the psychological level at 1,400 soon.
"Events to capture investors' attention will be the upcoming local earnings results and the 2Q GDP [gross domestic product] number due this week, and a series of economic data in the US markets," it said.
Meanwhile, HLG Research reiterated that given the negative technical readings from Dow and key regional bourses, coupled with a persistent downtrend in the 10-year US Treasury yields, global markets were heading towards a wild ride ahead as investors grapple with earnings and economic news.
"Nevertheless, the local bourse continues to demonstrate its resilience amid positive expectations of a strong 2Q GDP and domestic earnings releases for the rest of the month.
"Moreover, improving technical readings are likely to drive our index to test the immediate resistance at 1,374 (50% FR from top 1,524 and low of 1,224), followed by 1,392 (intraday high on July 24, 2007). Support levels are situated at 1,350 and 1,338 (38.2% FR)," it said in a note on Tuesday.
On Bursa Malaysia,'' Genting Malaysia was among the top gainers and was the most actively traded counter. The stock added 25 sen to RM3.07 with 35.7 million shares done.
Genting rose 24 sen to RM8.96, CIMB added six sen to RM7.39, Maybank four sen to RM7.98, AMMB and Hong Leong Bank added 11 to RM5.36 and RM8.85, while Hong Leong Financial Group gained nine sen to RM8.47.
Other gainers were SEG International added 16 sen to RM2.86, Goldis and Tan Chong rose 15 sen each to RM1.45 and RM5.15, Eng Teknologi was up 13 sen to RM1.97 while Bursa rose 12 sen to RM7.15.
Among the top losers, PPB fell 22 sen to RM16.86, F&N lost 16 sen to RM13.94, Tasek fell 15 sen to RM6.60, P.I.E and Pharmaniaga lost 14 sen each to RM4.21 and RM5.50, KFCH declined 12 sen to RM10.68, MAS down 11 sen to RM2.17 while MTD Capital lost 10 sen to RM5. The actives included Tiger, Multi Sports and Berjaya Retail.
Regional markets, meanwhile were mixed with Japan's Nikkei 225 down 0.39% to 9,161.21, Hong Kong's Hang Seng Index declined 0.25% to 21,059.94 while Singapore's Straits Times Index shed 0.12% to 2,930.03.
The South Korean Kospi Index rose 0.45% to 1,751.21, the Shanghai Composite Index up 0.24% to 2,667.97 while the Taiwan Taiex added 0.07% to 7,946.79.
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