KUALA LUMPUR: The FBM KLCI extended its gains in early trade on Wednesday, Dec 29 in line with the slight recovery at key regional markets including in China, Japan and Hong Kong.
Most Asian markets advanced in early trade on some bargain hunting as investors bought into stocks that were battered over the past two days following China's interest rate hike over the weekend.
On Bursa Malaysia, the 30-stock FBM KLCI was up 6.19 points to 1,523.63 at 10am, lifted by index-linked PLANTATION [] and banking stocks. The index had earlier in the morning risen to 1,526.93,
Gainers led losers by 271 to 143, while 214 counters traded unchanged. Volume was 148.47 million shares.
At the regional markets, the Shanghai Composite Index rose 0.41% to 2,744.32, Japan's Nikkei 225 was up 0.17% to 10,309.94, South Korea's Kospi added 0.205 to 2,037.47, Singapore's Straits Times Index gained 0.32% to 3,193.90, Hong Kong's Hang Seng Index opened 0.4% higher at 22,710.07 while Taiwan's Taiex slipped 0.19% to 8,853.90.
Hong Leong Investment Bank Bhd Research in a note Dec 29 said the FBM KLCI performed commendably on Tuesday as the index managed to break above its envisaged resistance levels of 1,523 and the downtrend line from all time high of 1,532 points intraday.
Despite closing below theses two levels, there was a glimmer of hope that the index can seal the 2010 closing above these levels amid persistent mild window dressing activities, it said.
'Overall, we expect the FBM KLCI to face mild resistance level at 1,522, followed by the all time high of 1,532 (Nov 3, 2010).
'A breakout above 1,532 points will spur the index higher to 1,550-1,570 zones. Immediate support levels are 1,500, 1,493 (last week's low) and 1,489,' it said.
On Bursa Malaysia, the top gainer at mid-morning was KLK that added 24 sen to RM22.88; PPB and Hap Seng gained 22 sen each to RM17.32 and RM6.81, Padini and Tradewinds Plantations added 17 sen each to RM5.42 and RM3.27, Batu Kawan rose 16 sen to RM16.98, CBIP gained 13 sen to RM3.83, Sime up 11 sen to RM8.88 and Genting up 10 sen to RM11.08.
Among banks, AMMB added three sen to RM7.02 while Maybank and Public Bank gained two sen each to RM8.51 and RM12.98.
Maxbiz was the most actively traded counter with 8.46 million shares done. The stock added six sen to 15 sen. Other actives included Tejari, Compugates and JAKS.
JAKS advanced in early trade after its unit secured a contract worth RM201 million for sub-structure works for a commercial development in Petaling Jaya from a related party.
At mid-morning, JAKS was up 2.5 sen to 74.5 sen with 7.36 million shares done.
Among the decliners, DFZ Capital fell 15 sen to RM3.45 after Esmart Holdings Bhd launched a RM159.31 million takeover offer for DFZ CAPITAL BHD [] at RM3 cash a share.
Other decliners included Chin Teck, Lafarge Malayan Cement, PLUS, Latexx and Adventa.
Most Asian markets advanced in early trade on some bargain hunting as investors bought into stocks that were battered over the past two days following China's interest rate hike over the weekend.
On Bursa Malaysia, the 30-stock FBM KLCI was up 6.19 points to 1,523.63 at 10am, lifted by index-linked PLANTATION [] and banking stocks. The index had earlier in the morning risen to 1,526.93,
Gainers led losers by 271 to 143, while 214 counters traded unchanged. Volume was 148.47 million shares.
At the regional markets, the Shanghai Composite Index rose 0.41% to 2,744.32, Japan's Nikkei 225 was up 0.17% to 10,309.94, South Korea's Kospi added 0.205 to 2,037.47, Singapore's Straits Times Index gained 0.32% to 3,193.90, Hong Kong's Hang Seng Index opened 0.4% higher at 22,710.07 while Taiwan's Taiex slipped 0.19% to 8,853.90.
Hong Leong Investment Bank Bhd Research in a note Dec 29 said the FBM KLCI performed commendably on Tuesday as the index managed to break above its envisaged resistance levels of 1,523 and the downtrend line from all time high of 1,532 points intraday.
Despite closing below theses two levels, there was a glimmer of hope that the index can seal the 2010 closing above these levels amid persistent mild window dressing activities, it said.
'Overall, we expect the FBM KLCI to face mild resistance level at 1,522, followed by the all time high of 1,532 (Nov 3, 2010).
'A breakout above 1,532 points will spur the index higher to 1,550-1,570 zones. Immediate support levels are 1,500, 1,493 (last week's low) and 1,489,' it said.
On Bursa Malaysia, the top gainer at mid-morning was KLK that added 24 sen to RM22.88; PPB and Hap Seng gained 22 sen each to RM17.32 and RM6.81, Padini and Tradewinds Plantations added 17 sen each to RM5.42 and RM3.27, Batu Kawan rose 16 sen to RM16.98, CBIP gained 13 sen to RM3.83, Sime up 11 sen to RM8.88 and Genting up 10 sen to RM11.08.
Among banks, AMMB added three sen to RM7.02 while Maybank and Public Bank gained two sen each to RM8.51 and RM12.98.
Maxbiz was the most actively traded counter with 8.46 million shares done. The stock added six sen to 15 sen. Other actives included Tejari, Compugates and JAKS.
JAKS advanced in early trade after its unit secured a contract worth RM201 million for sub-structure works for a commercial development in Petaling Jaya from a related party.
At mid-morning, JAKS was up 2.5 sen to 74.5 sen with 7.36 million shares done.
Among the decliners, DFZ Capital fell 15 sen to RM3.45 after Esmart Holdings Bhd launched a RM159.31 million takeover offer for DFZ CAPITAL BHD [] at RM3 cash a share.
Other decliners included Chin Teck, Lafarge Malayan Cement, PLUS, Latexx and Adventa.
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