KUALA LUMPUR: The FBM KLCI snapped its winning streak and fell into negative territory on Friday, Sept 3 as the market took a breather, despite earlier expectation that the benchmark index would rise in tandem with key regional bourses.
At 10am, the FBM KLCI slipped 5.98 points to 1,435.09, weighed by losses including at Genting, Petronas Dagangan and UMW.
Gainers led losers by 188 to 177, while 211 counters traded unchanged. Volume was 188.85 million shares valued at RM252.37 million.
A majority of the Asian indices advanced after more encouraging data from the US reassured investors about the state of the global economic recovery and sparked short-covering.
But gains are likely to be capped by wariness ahead of closely-watched US August non-farm payrolls data later on Friday, as well as investor concern about whether the recent rush of upbeat indicators signals a true recovery or not, according to Reuters.
Data from the National Association of Realtors showed pending US home resales rose unexpectedly in July and a separate report showed new claims for unemployment insurance fell for a second straight week.
The figures came on the heels of strong US manufacturing data on Wednesday that, along with good Chinese manufacturing data and stronger-than-expected growth in Australia, have eased, for now, investor fears about the strength of the global economic recovery, said Reuters.
Japan's Nikkei 225 was 0.38% to 9,097.63, Hong Kong's Hang Seng gained 0.08%to 20,885.13, Taiwan's Taiex rose 0.95% to 7,793.87, the South Korean Kospi was up 0.34% to 1,781.87, Singapore's Straits Times Index rose 0.16% to 2,991.55 but the Shanghai Composite Index shed 0.32% to 2,647.41.
On the outlook for the FBM KLCI, RHB Research Institute Sdn Bhd said that technically, the FBM KLCI has continued to show signs that it could undergo a mild retracement soon, following the'' formation of a 'hangman' candle and the grossly overbought short-term momentum readings yesterday.
However, as long as it can sustain at above the 10-day SMA of 1,411, the 1,400 psychological level and the crucial turning point of 1,390, the current uptrend was still intact, it said.
'In our opinion, any pullback is still considered healthy, as this will neutralise the overbought momentum on the FBM KLCI, paving the way for another rally on'' renewed buying support.
'And even if the heavyweights were to take a breather on constant profit-taking activities, we still expect the broader market sentiment to stay upbeat, on the'' back of solid rotational plays on other second and third liner stocks, with increased daily participants in the near term,' it said in a note Sept 3.
Having said that, RHB Research said the local trading sentiment would still be influenced by the volatile regional markets' performance in the near term.
On Bursa Malaysia, Genting was the top loser at mid-morning and fell 23 sen to RM9.25; Petronas Dagangan lost 20 sen to RM11.40, Nilai fell 15 sen to 65 sen,
Padini and UMW lost nine sen each to RM4.24 and RM6.79, while KFCH fell eight sen to RM11.20.
The top gainer was Hai-O that rose 17 sen to RM3.20. Berjaya Land added 13 sen to RM4.45, Daibochi and JCY International gained 11 sen each to RM3.10 and RM1.16, and GUINNESS ANCHOR BHD [] added 10 sen to RM8.20.
Meanwhile, HELP, Mamee, Proton and MRCB gained eight sen each to RM3.98, RM3.34, RM4.74 and RM1.84, respectively.
JCY was the most actively traded stock with 19.83 million shares done. Other actives included KNM, Timecom, MRCB, UEM Land and E&O.
At 10am, the FBM KLCI slipped 5.98 points to 1,435.09, weighed by losses including at Genting, Petronas Dagangan and UMW.
Gainers led losers by 188 to 177, while 211 counters traded unchanged. Volume was 188.85 million shares valued at RM252.37 million.
A majority of the Asian indices advanced after more encouraging data from the US reassured investors about the state of the global economic recovery and sparked short-covering.
But gains are likely to be capped by wariness ahead of closely-watched US August non-farm payrolls data later on Friday, as well as investor concern about whether the recent rush of upbeat indicators signals a true recovery or not, according to Reuters.
Data from the National Association of Realtors showed pending US home resales rose unexpectedly in July and a separate report showed new claims for unemployment insurance fell for a second straight week.
The figures came on the heels of strong US manufacturing data on Wednesday that, along with good Chinese manufacturing data and stronger-than-expected growth in Australia, have eased, for now, investor fears about the strength of the global economic recovery, said Reuters.
Japan's Nikkei 225 was 0.38% to 9,097.63, Hong Kong's Hang Seng gained 0.08%to 20,885.13, Taiwan's Taiex rose 0.95% to 7,793.87, the South Korean Kospi was up 0.34% to 1,781.87, Singapore's Straits Times Index rose 0.16% to 2,991.55 but the Shanghai Composite Index shed 0.32% to 2,647.41.
On the outlook for the FBM KLCI, RHB Research Institute Sdn Bhd said that technically, the FBM KLCI has continued to show signs that it could undergo a mild retracement soon, following the'' formation of a 'hangman' candle and the grossly overbought short-term momentum readings yesterday.
However, as long as it can sustain at above the 10-day SMA of 1,411, the 1,400 psychological level and the crucial turning point of 1,390, the current uptrend was still intact, it said.
'In our opinion, any pullback is still considered healthy, as this will neutralise the overbought momentum on the FBM KLCI, paving the way for another rally on'' renewed buying support.
'And even if the heavyweights were to take a breather on constant profit-taking activities, we still expect the broader market sentiment to stay upbeat, on the'' back of solid rotational plays on other second and third liner stocks, with increased daily participants in the near term,' it said in a note Sept 3.
Having said that, RHB Research said the local trading sentiment would still be influenced by the volatile regional markets' performance in the near term.
On Bursa Malaysia, Genting was the top loser at mid-morning and fell 23 sen to RM9.25; Petronas Dagangan lost 20 sen to RM11.40, Nilai fell 15 sen to 65 sen,
Padini and UMW lost nine sen each to RM4.24 and RM6.79, while KFCH fell eight sen to RM11.20.
The top gainer was Hai-O that rose 17 sen to RM3.20. Berjaya Land added 13 sen to RM4.45, Daibochi and JCY International gained 11 sen each to RM3.10 and RM1.16, and GUINNESS ANCHOR BHD [] added 10 sen to RM8.20.
Meanwhile, HELP, Mamee, Proton and MRCB gained eight sen each to RM3.98, RM3.34, RM4.74 and RM1.84, respectively.
JCY was the most actively traded stock with 19.83 million shares done. Other actives included KNM, Timecom, MRCB, UEM Land and E&O.
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