Tuesday, December 28, 2010

Asian markets mixed; FBM KLCI at highest since Dec 9

KUALA LUMPUR: Key Asian markets were mixed in early trade on Tuesday, Dec 28 as the impact of China's interest rate hike over the weekend began to sink in, with the Hong Kong, Shanghai and Japanese markets falling into negative territory.

On Bursa Malaysia, however, the FBM KLCI advanced in early trade, lifted by gains at select blue chips including Digi, Public Bank, Petronas Dagangan and BAT.

At mid-morning, the 30-stock index jumped 0.89% 0r 13.51 points to 1,525.23, its highest level since Dec 9. The FBM KLCI hit its all-time high of 1,531.99 and closed at its all-time high of 1,528.01 on Nov 10 this year.

Gainers led losers by 278 to 105, while 184 counters traded unchanged. Volume was 188.07 million shares valued at RM167.98 million.

At the regional markets, Japan's Nikkei 225 was down 0.38% to 10,316.95, the Shanghai Composite Index fell 0.47% to 2,768.35, Taiwan's Taiex lost 0.13% to 8,880.89 and Hong Kong's Hang Seng Index opened 1.1% lower at 22,574.85.

Meanwhile, South Korea's Kospi rose 0.83% to 2,038.95 and Singapore's Straits Times Index added 0.31% to 3,169.10.

Commenting on the local market, SJ Securities Sdn Bhd in a note Dec 28 said the short and medium term trend of the FBM KLCI was currently sideways, while the longer term trend remained up.

Immediate overhead resistance zone remained at 1,518 to 1,532 while the downside support zone was at 1,507 to 1,500, it said.

'With the shrinking volume, the market is likely to remain sideways.

'Overnight, the Dow fell 18.46 points or -0.16% lower to close at 11,555.03. Today, the FBM KLCI is likely to trade within a range of 1,505 to 1,517,' it said.

On Bursa Malaysia, the top gainer at mid-morning was DiGi that added 60 sen to RM25.50; PPB rose 34 sen to RM17.10, BAT up 28 sen to RM45.14, Fima Corp rose 23 sen to RM6.37, Petronas Dagangan and Public Bank added 20 sen each to RM11.90 and RM13, Batu Kawan and Hap Seng gained 16 sen each to RM16.86 and RM6.39, while Adventa added 15 sen to RM2.49.

Among the losers were Nestle, Panasonic, UAC and Carlsberg.

Tejari was the most actively traded counter with 23.2 million shares done. The stock added half a sen to 20.5 sen.

Other actives included Petra Perdana, IRCB, Berjaya Corp, Asian Pac and Kinsteel.


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