KUALA LUMPUR:'' The FBM KLCI stayed in positive territory at mid-morning on Wednesday, Dec 8 but gains were limited as RHB Research Institute said it preferred to stay biasly negative for the near-term outlook.
Meanwhile, regional markets were mixed after Japan's core machinery orders fell 1.4% in October from the previous month, down for the second straight month, underlining companies' cautious stance on capital spending due to economic uncertainty.
Japan's Nikkei 225 was up 0.69% to 10,210.68, Singapore's Straits Times Index gained 0.19% to 3,197.86, South Korea's Kospi up 0.06% to 1,963.72, while Taiwan's Taiex fell 0.05% to 8,699.92, the Shanghai Composite Index shed 0.02% to 2,875.40 and Hong Kong's Hang Seng Index opened 0.2% lower at 23,373.27.
On Bursa Malaysia, the FBM KLCI was up 9.22 points to 1,510.96 at 10am, lifted by gains including at CIMB, KLK, BAT, Petronas Dagangan and Petronas Gas.
Gainers led losers by 329 to 117, while 224 counters traded unchanged. Volume was 249.4 million shares valued at RM347.54 million.
At the regional markets, RHB Research Institute Sdn Bhd in a note Wednesday said that although the index managed to close the day at above the critical psychological level at 1,500 on Monday, it did not appear convincing on the chart.
In fact, with the poor technical readings of late, there is a high risk of losing the 10-day and 40-day Simple Moving Averages near 1,494 and 1,499, before heading towards the recent low of 1,474.02 and the critical level at 1,450 soon, it said.
The research house said given the poor volume performance on the trading floor, and the volatile regional markets performances, investors were likely to continue their selling mode in the near term.
'Though the looming election plays and the speculation of more corporate M&A activities ahead may fuel further speculative interests in the short-term, the broader and regional economic concerns may prompt the longer-term investors to continue locking in more profits going forward.
'As a result, we prefer to stay biasly negative for the near-term technical outlook,' it said.
The top gainer at mid-morning was BLD PLANTATION []s that added 46 sen to RM5.06; BAT rose 42 sen to RM45.90, KLK gained 40 sen to RM21.98, MTD Capital up 25 sen to RM7.30, PetDag and Shell gained 20 sen each to RM11.90 and RM10.80, CIMB was up 17 sen to RM8.64, Batu Kawan up 14 sen to RM16.66, Bursa added 13 sen to RM8.09 while PetGas gained 12 sen to RM11.44.
Losers included DFZ Capital, GAB, PPB, Scomi Engineering, George Kent, RHB Capital, Nomad, Jerneh and Daibochi.
Hubline was the most actively traded counter with 14.95 million shares done. The stock was unchanged at 20 sen. Other actives included DRB-Hicom, Axiata, SAAG, Scomi, Inch Kenneth, Petronas Chemicals and Careplus.
Meanwhile, regional markets were mixed after Japan's core machinery orders fell 1.4% in October from the previous month, down for the second straight month, underlining companies' cautious stance on capital spending due to economic uncertainty.
Japan's Nikkei 225 was up 0.69% to 10,210.68, Singapore's Straits Times Index gained 0.19% to 3,197.86, South Korea's Kospi up 0.06% to 1,963.72, while Taiwan's Taiex fell 0.05% to 8,699.92, the Shanghai Composite Index shed 0.02% to 2,875.40 and Hong Kong's Hang Seng Index opened 0.2% lower at 23,373.27.
On Bursa Malaysia, the FBM KLCI was up 9.22 points to 1,510.96 at 10am, lifted by gains including at CIMB, KLK, BAT, Petronas Dagangan and Petronas Gas.
Gainers led losers by 329 to 117, while 224 counters traded unchanged. Volume was 249.4 million shares valued at RM347.54 million.
At the regional markets, RHB Research Institute Sdn Bhd in a note Wednesday said that although the index managed to close the day at above the critical psychological level at 1,500 on Monday, it did not appear convincing on the chart.
In fact, with the poor technical readings of late, there is a high risk of losing the 10-day and 40-day Simple Moving Averages near 1,494 and 1,499, before heading towards the recent low of 1,474.02 and the critical level at 1,450 soon, it said.
The research house said given the poor volume performance on the trading floor, and the volatile regional markets performances, investors were likely to continue their selling mode in the near term.
'Though the looming election plays and the speculation of more corporate M&A activities ahead may fuel further speculative interests in the short-term, the broader and regional economic concerns may prompt the longer-term investors to continue locking in more profits going forward.
'As a result, we prefer to stay biasly negative for the near-term technical outlook,' it said.
The top gainer at mid-morning was BLD PLANTATION []s that added 46 sen to RM5.06; BAT rose 42 sen to RM45.90, KLK gained 40 sen to RM21.98, MTD Capital up 25 sen to RM7.30, PetDag and Shell gained 20 sen each to RM11.90 and RM10.80, CIMB was up 17 sen to RM8.64, Batu Kawan up 14 sen to RM16.66, Bursa added 13 sen to RM8.09 while PetGas gained 12 sen to RM11.44.
Losers included DFZ Capital, GAB, PPB, Scomi Engineering, George Kent, RHB Capital, Nomad, Jerneh and Daibochi.
Hubline was the most actively traded counter with 14.95 million shares done. The stock was unchanged at 20 sen. Other actives included DRB-Hicom, Axiata, SAAG, Scomi, Inch Kenneth, Petronas Chemicals and Careplus.
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