KUALA LUMPUR: The FBM KLCI extended its gains for the fourth consecutive day on Friday, Oct 8 and rose to a fresh high, while most key regional markets were mixed ahead of the US non-farm payrolls report due later Friday.
At 10am, the 30-stock FBM KLCI was up 1.64 points to 1,483.09, its highest level since Jan 2008. Market breadth was positive with gainers leading losers by 229 to 139, while 216 counters traded unchanged. Volume was 213.13 million shares valued at RM190.87 million.
RHB Research Institute Sdn Bhd said the upside to the FBM KLCI was still intact despite short-term uncertainties.
Saved by the last-minute push-up on Thursday, FBM KLCI managed to close with a 'doji' candle to extend its attempt to stage further upside in the near term although the overall trading sentiment remained cautious, it said in a note Oct 8.
The research house said apart from the improved short-term momentum readings, the rising 10-day SMA of 1,466 should continue to buffer the current uptrend.
It said if the index overcomes the recent high of 1,483.25, it would revisit the technical gap near 1,490.5-1,497.64 and the psychological level of 1,500 soon.
"Breaching those levels will turn the sentiment even more bullish, as buyers are likely to lift the FBM KLCI towards the all-time high level of 1,524.69 next.
"However, we still expect some profit-taking activities to continue as investors remained generally cautious and unwilling to take extra risks ahead of the weekend," it said.
Among the gainers at mid-morning were Jerneh that added 13 sen to RM3.02 after the company finalised the deal to sell off its 80% stake in Jerneh Insurance Bhd (JIB) for RM532.3 million to ACE INA International Holdings.
Its chairman Datuk Lim Chee Wah said on Thursday that shareholders would enjoy parts of the proceeds in the form of a special dividend.
Other gainers were Kulim that rose 11 sen to RM9.30, Axiata and QSR Brands up nine sen each to RM4.59 and RM5.19 while IJM Land and KPJ rose seven sen each to RM2.68 and RM3.62.
Mudajaya was the top loser and fell 24 sen to RM4.37; DiGi lost 10 sen to RM24.90, Top Glove fell nine sen to RM5.14, Box-Pak and Perstima fell eight sen each to RM1.22 and RM5, Hong Leong Bank and Glenealy lost six sen each to RM9.25 and RM5.11, while Proton fell five sen to RM4.86.
Karambunai was the most actively traded counter with 46.82 million shares done. The stock added two sen to 14 sen.
Other actives included Malton, SAAG, Tebrau, Dialog, UEM Land, Iris and Mudajaya.
At the regional markets, Japan's Nikkei 225 was down 0.39% to 9,646.59, Taiwan's Taiex fell 0.46% to 8,245.70, and the South Korean Kospi down 0.53% to 1,890.73.
On the flip side, China's Shanghai Composite Index jumped 1.17% to 2,686.65 on the first day of trade this week after being closed for national holidays; Singapore's Straits Times Index rose 0.08% to 3,169.04 while Hong Kong's Hang Seng Index gained 0.2% to 22,934.41.
At 10am, the 30-stock FBM KLCI was up 1.64 points to 1,483.09, its highest level since Jan 2008. Market breadth was positive with gainers leading losers by 229 to 139, while 216 counters traded unchanged. Volume was 213.13 million shares valued at RM190.87 million.
RHB Research Institute Sdn Bhd said the upside to the FBM KLCI was still intact despite short-term uncertainties.
Saved by the last-minute push-up on Thursday, FBM KLCI managed to close with a 'doji' candle to extend its attempt to stage further upside in the near term although the overall trading sentiment remained cautious, it said in a note Oct 8.
The research house said apart from the improved short-term momentum readings, the rising 10-day SMA of 1,466 should continue to buffer the current uptrend.
It said if the index overcomes the recent high of 1,483.25, it would revisit the technical gap near 1,490.5-1,497.64 and the psychological level of 1,500 soon.
"Breaching those levels will turn the sentiment even more bullish, as buyers are likely to lift the FBM KLCI towards the all-time high level of 1,524.69 next.
"However, we still expect some profit-taking activities to continue as investors remained generally cautious and unwilling to take extra risks ahead of the weekend," it said.
Among the gainers at mid-morning were Jerneh that added 13 sen to RM3.02 after the company finalised the deal to sell off its 80% stake in Jerneh Insurance Bhd (JIB) for RM532.3 million to ACE INA International Holdings.
Its chairman Datuk Lim Chee Wah said on Thursday that shareholders would enjoy parts of the proceeds in the form of a special dividend.
Other gainers were Kulim that rose 11 sen to RM9.30, Axiata and QSR Brands up nine sen each to RM4.59 and RM5.19 while IJM Land and KPJ rose seven sen each to RM2.68 and RM3.62.
Mudajaya was the top loser and fell 24 sen to RM4.37; DiGi lost 10 sen to RM24.90, Top Glove fell nine sen to RM5.14, Box-Pak and Perstima fell eight sen each to RM1.22 and RM5, Hong Leong Bank and Glenealy lost six sen each to RM9.25 and RM5.11, while Proton fell five sen to RM4.86.
Karambunai was the most actively traded counter with 46.82 million shares done. The stock added two sen to 14 sen.
Other actives included Malton, SAAG, Tebrau, Dialog, UEM Land, Iris and Mudajaya.
At the regional markets, Japan's Nikkei 225 was down 0.39% to 9,646.59, Taiwan's Taiex fell 0.46% to 8,245.70, and the South Korean Kospi down 0.53% to 1,890.73.
On the flip side, China's Shanghai Composite Index jumped 1.17% to 2,686.65 on the first day of trade this week after being closed for national holidays; Singapore's Straits Times Index rose 0.08% to 3,169.04 while Hong Kong's Hang Seng Index gained 0.2% to 22,934.41.
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