KUALA LUMPUR: The FBM KLCI extended its gains in early trade on Monday, Nov 22 as regional markets were traded mixed on the back of Hong Kong imposing measures aimed at halting rising property prices and China raising reserve bank requirements.
At 10am, the 30-stock FBM KLCI gained 2.37 points to 1,508.42, lifted by gains including at CIMB, Public Bank, YTL, KLK and BAT.
Gainers led losers by 264 to 137, while 190 counters traded unchanged. Volume was 169.87 million shares valued at RM140.46 million.
RHB Research Institute Sdn Bhd said that due to the late push-up on selective blue chips last Friday, the FBM KLCI had once again shown its ability to stage a further technical rebound in the near term.
The research house, however, said the index must still surpass the critical 10-day Simple Moving Average (SMA) near 1,511, and remove the 1,524.69 level before it could return to bullishness.
It said given that the regional markets' sentiment remains fragile, with uncertain debt crisis development in Europe and the drastic tightening measure announced in Hong Kong and China on late Friday, local market sentiment was likely to track the regional performance in the near term.
'On the technical front, the FBM KLCI's near-term trend will remain choppy until and unless it breaks out from either the 10-day SMA immediate resistance level or the 40-day SMA immediate support level of 1,491 with an improved daily turnover.
'Losing of the 40-day SMA will accelerate the selling pressure and press the index towards the 1,450 level, which is also the critical trigger point to call for a major correction of the market's 20-month uptrend,' it said in a note Nov 22.
Among the major gainers, CIMB was up five sen to RM8.38, Public Bank and KLK added four sen each to RM12.84 and RM20.04, YTL was up nine sen to RM8.39 and BAT gained two sen to RM45.56.
Kluang was up 22 sen to RM3, Sungei Bagan rose 19 sen to RM3.35, Nestle added 18 sen to RM43.50, Sunway City rose 16 sen to RM4.48, Kuchai was up 14 sen to RM1.54 while Dutch Lady, DFZ Capital and F&N added 12 each to RM18, RM3.78 and RM15.90 respectively.
Decliners included DiGi.Com, GAB, Shell, Lion Forest Industries and Lafarge Malayan Cement.
Ho Wah Genting was the most actively traded counter with 7.61 million shares done. The stock added half a sen to 36.5 sen. Other actives included Jotech, Salcon, Karambunai and Zelan.
Meanwhile, regional markets were mixed this morning, as investors treaded cautiously after Hong Kong imposed measures aimed at curbing rising property prices and China raised bank reserve requirements.
The Shanghai Composite Index fell 0.66% to 2,869.54, Singapore's Straits Times Index was down 0.27% to 3,188.83 and Hong Kong's Hang Seng Index opened 0.3% lower at 23,530.18.
Japan's Nikkei 225, meanwhile, climbed 1.01% to 10,124.04, Taiwan's Taiex added 0.53% to 8,350.35 and the South Korean Kospi gained 0.39% to 1,948.59.
At 10am, the 30-stock FBM KLCI gained 2.37 points to 1,508.42, lifted by gains including at CIMB, Public Bank, YTL, KLK and BAT.
Gainers led losers by 264 to 137, while 190 counters traded unchanged. Volume was 169.87 million shares valued at RM140.46 million.
RHB Research Institute Sdn Bhd said that due to the late push-up on selective blue chips last Friday, the FBM KLCI had once again shown its ability to stage a further technical rebound in the near term.
The research house, however, said the index must still surpass the critical 10-day Simple Moving Average (SMA) near 1,511, and remove the 1,524.69 level before it could return to bullishness.
It said given that the regional markets' sentiment remains fragile, with uncertain debt crisis development in Europe and the drastic tightening measure announced in Hong Kong and China on late Friday, local market sentiment was likely to track the regional performance in the near term.
'On the technical front, the FBM KLCI's near-term trend will remain choppy until and unless it breaks out from either the 10-day SMA immediate resistance level or the 40-day SMA immediate support level of 1,491 with an improved daily turnover.
'Losing of the 40-day SMA will accelerate the selling pressure and press the index towards the 1,450 level, which is also the critical trigger point to call for a major correction of the market's 20-month uptrend,' it said in a note Nov 22.
Among the major gainers, CIMB was up five sen to RM8.38, Public Bank and KLK added four sen each to RM12.84 and RM20.04, YTL was up nine sen to RM8.39 and BAT gained two sen to RM45.56.
Kluang was up 22 sen to RM3, Sungei Bagan rose 19 sen to RM3.35, Nestle added 18 sen to RM43.50, Sunway City rose 16 sen to RM4.48, Kuchai was up 14 sen to RM1.54 while Dutch Lady, DFZ Capital and F&N added 12 each to RM18, RM3.78 and RM15.90 respectively.
Decliners included DiGi.Com, GAB, Shell, Lion Forest Industries and Lafarge Malayan Cement.
Ho Wah Genting was the most actively traded counter with 7.61 million shares done. The stock added half a sen to 36.5 sen. Other actives included Jotech, Salcon, Karambunai and Zelan.
Meanwhile, regional markets were mixed this morning, as investors treaded cautiously after Hong Kong imposed measures aimed at curbing rising property prices and China raised bank reserve requirements.
The Shanghai Composite Index fell 0.66% to 2,869.54, Singapore's Straits Times Index was down 0.27% to 3,188.83 and Hong Kong's Hang Seng Index opened 0.3% lower at 23,530.18.
Japan's Nikkei 225, meanwhile, climbed 1.01% to 10,124.04, Taiwan's Taiex added 0.53% to 8,350.35 and the South Korean Kospi gained 0.39% to 1,948.59.
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