KUALA LUMPUR: The FBM KLCI fell 5.59 points to 1,484.27 at the mid-day break on Monday, Oct 18, dragged by losses at key blue chips including Petronas Gas, Tenaga, Genting and Gamuda.
Losers led gainers by 396 to 239, while 288 counters traded unchanged. Volume was 720.11 million shares valued at RM698.17 million.
The ringgit weakened 0.34% to 3.0925 per US dollar. Crude palm oil futures for the third month delivery fell RM44 to RM2,892, crude oil shed 57 US cents to US$80.68 (RM249.30) while gold fell US$6.95 to US$1,361.45.
RHB Research Institute Sdn Bhd said there was no substantial new information that would likely excite equity investors in the immediate term
"Consequently, our views on the market outlook, earnings and sector calls remain relatively unchanged," it said.
Nevertheless, the research house said the news flow will likely come after the Budget speech, now that the timelines for the major projects had been set and were mostly expected to begin in 2011.
This suggests that the groundwork will accelerate from here on and maintain the positive flow of news to the CONSTRUCTION [] sector and, to a lesser extent, the property sector, it said.
RHB Research said whilst market valuations were no longer cheap, influx of G3 liquidity to Emerging Asia's equity, bond and currency markets in search of higher returns could still send the market higher in the near term.
"Longer term, we believe there is still room for the market to trend higher in 2011. This is primarily predicated on the view the global economy is more sustainable than feared, which in turn implies sustained corporate earnings growth (+12.8% projected for 2011) that will continue to create new shareholders' value for investors.
"Consequently, our end-2011 FBM KLCI target remains unchanged at 1,640, based on 15 times mid-cycle 2012 earnings. This, however, will not be without volatility as the global economy enters into a period of slowing growth in an uneven phase of recovery," it said in a note on Monday.
On Bursa Malaysia, Petronas Gas was the top loser this morning, falling 22 sen to RM11.20. Tenaga, Genting and YTL Corp lost eight sen each to RM8.85, RM10.12 and RM7.72 respectively, Gamuda fell six sen to RM3.83 while Maybank and MISC lost five sen each to RM8.83 and RM8.65 respectively.
F&N lost 20 sen to RM14.40, Bursa and DiGi fell 12 sen each to RM8.84 and RM24.48 respectively, JT International down 10 sen to RM5.60 while PLUS fell four sen to RM4.42.
Among the gainers, Batu Kawan rose 72 sen to RM15.46, Nestl'' was up 30 sen to RM44.60, United PLANTATION []s added 20 sen to RM16.20, UM Land gained 17 sen to RM1.79, BLD Plantations rose 16 sen to RM4.82 while HELP was up 15 sen to RM2.56.
Karambunai was the most actively traded stock with 193.84 million shares done. The counter added three sen to 21 sen.
Other actives included Timecom, Malton, Time, L&G, PLUS and newly-listed GW Plastics.
Key regional markets were mixed Monday morning, with limited gains at Japan's Nikkei 225 and the Shanghai Composite Index, while others bourses slipped into the red.
The Shanghai Composite Index was up 0.46% to 2,984.87 and the Nikkei 225 was up 0.03% to 9,502.93.
Elsewhere, Taiwan's Taiex fell 1.81% to 8,057.12, the South Korean Kospi fell 0.90% to 1,885.20, Hong Kong's Hang Seng Index shed 0.89% to 23,547.37 while the Singapore Straits Times Index slipped 0.04% to 3,202.90.
Losers led gainers by 396 to 239, while 288 counters traded unchanged. Volume was 720.11 million shares valued at RM698.17 million.
The ringgit weakened 0.34% to 3.0925 per US dollar. Crude palm oil futures for the third month delivery fell RM44 to RM2,892, crude oil shed 57 US cents to US$80.68 (RM249.30) while gold fell US$6.95 to US$1,361.45.
RHB Research Institute Sdn Bhd said there was no substantial new information that would likely excite equity investors in the immediate term
"Consequently, our views on the market outlook, earnings and sector calls remain relatively unchanged," it said.
Nevertheless, the research house said the news flow will likely come after the Budget speech, now that the timelines for the major projects had been set and were mostly expected to begin in 2011.
This suggests that the groundwork will accelerate from here on and maintain the positive flow of news to the CONSTRUCTION [] sector and, to a lesser extent, the property sector, it said.
RHB Research said whilst market valuations were no longer cheap, influx of G3 liquidity to Emerging Asia's equity, bond and currency markets in search of higher returns could still send the market higher in the near term.
"Longer term, we believe there is still room for the market to trend higher in 2011. This is primarily predicated on the view the global economy is more sustainable than feared, which in turn implies sustained corporate earnings growth (+12.8% projected for 2011) that will continue to create new shareholders' value for investors.
"Consequently, our end-2011 FBM KLCI target remains unchanged at 1,640, based on 15 times mid-cycle 2012 earnings. This, however, will not be without volatility as the global economy enters into a period of slowing growth in an uneven phase of recovery," it said in a note on Monday.
On Bursa Malaysia, Petronas Gas was the top loser this morning, falling 22 sen to RM11.20. Tenaga, Genting and YTL Corp lost eight sen each to RM8.85, RM10.12 and RM7.72 respectively, Gamuda fell six sen to RM3.83 while Maybank and MISC lost five sen each to RM8.83 and RM8.65 respectively.
F&N lost 20 sen to RM14.40, Bursa and DiGi fell 12 sen each to RM8.84 and RM24.48 respectively, JT International down 10 sen to RM5.60 while PLUS fell four sen to RM4.42.
Among the gainers, Batu Kawan rose 72 sen to RM15.46, Nestl'' was up 30 sen to RM44.60, United PLANTATION []s added 20 sen to RM16.20, UM Land gained 17 sen to RM1.79, BLD Plantations rose 16 sen to RM4.82 while HELP was up 15 sen to RM2.56.
Karambunai was the most actively traded stock with 193.84 million shares done. The counter added three sen to 21 sen.
Other actives included Timecom, Malton, Time, L&G, PLUS and newly-listed GW Plastics.
Key regional markets were mixed Monday morning, with limited gains at Japan's Nikkei 225 and the Shanghai Composite Index, while others bourses slipped into the red.
The Shanghai Composite Index was up 0.46% to 2,984.87 and the Nikkei 225 was up 0.03% to 9,502.93.
Elsewhere, Taiwan's Taiex fell 1.81% to 8,057.12, the South Korean Kospi fell 0.90% to 1,885.20, Hong Kong's Hang Seng Index shed 0.89% to 23,547.37 while the Singapore Straits Times Index slipped 0.04% to 3,202.90.
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