KUALA LUMPUR: The FBM KLCI stayed mostly in the red in the morning session on Thursday, Nov 11 as punters locked in profits after the FBM KLIC reached an all-time high of 1,531 high the previous day.
At noon, the FBM KLCI was down 12.23 points to 1,515.78. Across the bourse, some 852 million shares worth RM1.09 billion shares changed hands. There were 286 gainers versus 450 decliners.
From a technical viewpoint, the FBM KLCI is expected to be in "benign mode", according to Maybank Investment Bank Research. But the benchmark is anticipated to rise further.
"The FBM KLCI has broken above the previous 1,524.69 all-time 2008 high. We expect the index to rise even further, moving into uncharted territory," said Lee Cheng Hooi who is head of retail research for equity markets with Maybank.
China and Hong Kong stock indices soared following upgrades in their government bond ratings by Moody's Investors.'' Shanghai Composite Index added 0.6% to 3134.91 while the Hang Seng Index rose 1.1% to 24,775.38.
Worth noting are global equity movements after China policymakers raised the reserve requirements for its banks to combat inflation. This means banks there have less money to lend.
Japan's Nikkei 225 rose 0.5% to 9,881.93, while South Korea's Kospi was up 0.4% to 1,975.15. Taiwan's Taiex, however, fell 0.1% to 8,441.16 , while Singapore's Straits Times added 0.4% to 3,301.92
The ringgit was traded weaker at 3.0899 against the US dollar. Crude oil futures for December in New York rose 45 cents to US$88.26 a barrel amid a weakening US dollar while spot prices for'' gold climbed US$4.50 to US$1408.40 an ounce.
As crude oil is traded in US dollars, a weakening greenback makes the commodity cheaper and more attractive to global traders. The rise in gold price is fuelled by investment demand to hedge against inflation.
Malaysian palm oil futures rose as much as RM 47or 1.4% to hit a fresh high of RM3,440 a tonne in anticipation of supply constraints.'' According to RHB Research, palm oil output continues to disappoint in year-to-year terms, given that the research house had anticipated'' October to be the peak production month for 2010.
"We believe this could potentially be due to several reasons, including weather problems, labour issues and tree stress in Peninsular Malaysia," RHB Research said.
At Bursa Malaysia, the most active stocks include SCOMI GROUP BHD [] amid speculation that the firm might see new foreign shareholders. Meanwhile, Perisai Petroleum'' Teknologi Bhd also generated interest after the company said it was sourcing for opportunities to collaborate with potential'' parties to either build'' or acquire more strategic marine assets.
Scomi gained 2.5 sen to 43 sen with 34 million shares done. Perisai also advanced 2.5 sen to 60 sen with 24 million shares transacted.
PPB fell 66 sen to RM18.70 after its main profit contributor Wilmar International posted a set iof disappointing results. BAT fell 44 sen to RM47.04, KL Kepong 38 sen to RM20 while HL Bank and DiGi shed 20 sen each to RM9.60 and RM24.40. Genting lost 18 sen to RM10.50 and Tenaga 15 sen lower at RM8.63.
PJ Development-WR surged 24 sen to 24.5 sen with 18 million units done. Muhibbah rose to a fresh 52-week highs of RM1.38 after CIMB Equities Research began coverage with a Trading Buy call and target price of RM2, pegged to a 20% discount to its RNAV.
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At noon, the FBM KLCI was down 12.23 points to 1,515.78. Across the bourse, some 852 million shares worth RM1.09 billion shares changed hands. There were 286 gainers versus 450 decliners.
From a technical viewpoint, the FBM KLCI is expected to be in "benign mode", according to Maybank Investment Bank Research. But the benchmark is anticipated to rise further.
"The FBM KLCI has broken above the previous 1,524.69 all-time 2008 high. We expect the index to rise even further, moving into uncharted territory," said Lee Cheng Hooi who is head of retail research for equity markets with Maybank.
China and Hong Kong stock indices soared following upgrades in their government bond ratings by Moody's Investors.'' Shanghai Composite Index added 0.6% to 3134.91 while the Hang Seng Index rose 1.1% to 24,775.38.
Worth noting are global equity movements after China policymakers raised the reserve requirements for its banks to combat inflation. This means banks there have less money to lend.
Japan's Nikkei 225 rose 0.5% to 9,881.93, while South Korea's Kospi was up 0.4% to 1,975.15. Taiwan's Taiex, however, fell 0.1% to 8,441.16 , while Singapore's Straits Times added 0.4% to 3,301.92
The ringgit was traded weaker at 3.0899 against the US dollar. Crude oil futures for December in New York rose 45 cents to US$88.26 a barrel amid a weakening US dollar while spot prices for'' gold climbed US$4.50 to US$1408.40 an ounce.
As crude oil is traded in US dollars, a weakening greenback makes the commodity cheaper and more attractive to global traders. The rise in gold price is fuelled by investment demand to hedge against inflation.
Malaysian palm oil futures rose as much as RM 47or 1.4% to hit a fresh high of RM3,440 a tonne in anticipation of supply constraints.'' According to RHB Research, palm oil output continues to disappoint in year-to-year terms, given that the research house had anticipated'' October to be the peak production month for 2010.
"We believe this could potentially be due to several reasons, including weather problems, labour issues and tree stress in Peninsular Malaysia," RHB Research said.
At Bursa Malaysia, the most active stocks include SCOMI GROUP BHD [] amid speculation that the firm might see new foreign shareholders. Meanwhile, Perisai Petroleum'' Teknologi Bhd also generated interest after the company said it was sourcing for opportunities to collaborate with potential'' parties to either build'' or acquire more strategic marine assets.
Scomi gained 2.5 sen to 43 sen with 34 million shares done. Perisai also advanced 2.5 sen to 60 sen with 24 million shares transacted.
PPB fell 66 sen to RM18.70 after its main profit contributor Wilmar International posted a set iof disappointing results. BAT fell 44 sen to RM47.04, KL Kepong 38 sen to RM20 while HL Bank and DiGi shed 20 sen each to RM9.60 and RM24.40. Genting lost 18 sen to RM10.50 and Tenaga 15 sen lower at RM8.63.
PJ Development-WR surged 24 sen to 24.5 sen with 18 million units done. Muhibbah rose to a fresh 52-week highs of RM1.38 after CIMB Equities Research began coverage with a Trading Buy call and target price of RM2, pegged to a 20% discount to its RNAV.
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