KUALA LUMPUR: The FBM KLCI slipped into the red at mid-morning after a choppy start, while key regional markets advanced albeit with limited gains following the firmer overnight close at Wall Street.
Meanwhile, Japanese shares were little changed on Thursday, as their rebound from a steep fall last week ran out of steam on persistent worries about radiation leaks from a quake-stricken nuclear plant, according to Reuters.
Although Tokyo stocks have recovered around 15% from an intraday low hit last week, worries that damage from a massive earthquake on March 11 and the subsequent accident at the nuclear facility could hurt corporate earnings kept investors on edge, it said.
The FBM KLCI fell 1.73 points to 1,510.24 at mid-morning, weighed by losses including at BAT, PPB and Tenaga.
Gainers edged losers by 241 to 148, while 230 counters traded unchanged. Volume was 243.3 million shares valued at RM192.25 million.
At the regional markets, Japan's Nikkei 225 was down 0.20% to 9,430.50.
Elsewhere, Hong Kong's Hang Seng Index rose 0.81% to 23,010.89, the Shanghai Composite Index edged up 0.03% to 2,949.44, Taiwan's Taiex added 0.08% to 8,552.21, South Korea's Kospi gained 0.89% to 2,030.04 and Singapore's Straits Times Index was up 0.12% to 3,025.70.
BIMB Securities Research in a note March 24 said the reports that gasoline consumption increased in the US suggested that consumers were able to absorb costlier gasoline price, indicating that this was a sign that the US economy would not be too badly hit as a result of the conflicts in the Middle East.
'Elsewhere, the Japan government estimates that the cost of rebuilding the earthquake affected area could reach as high as US$300 billion and this may cut Japan GDP growth by as much as 0.5%.
'Nevertheless, we are of the view that the news flow in the US may not have a material bearing to the local market and hence, we expect the local market to trade in tight range today with mild upside bias closing,' it said.
On Bursa Malaysia, BAT was the top loser at mid-morning and fell 70 sen to RM46.70; PPB lost 10 sen to RM17, Bintulu Port and Hai-O fell nine sen each to RM6.60 and RM2.18,Tenaga fell six sen to RM6.12, Mercury and Top Glove five sen each to 75 sen and RM5.30, while Proton and Voir lost four sen each to RM3.45 and 52.5 sen.
BHIC was the top gainer and added 31 sen to RM4.10. HwangDBS Vickers Research has initiated coverage on the stock with a Buy recommendation and target price of RM6.55.
Other gainers included Ewein that rose 19 sen to RM1.06, Esso 16 sen to RM3.37, Chin Teck 15 sen to RM8.60, Hing Yap 12 sen to RM1.98 and GAB nine sen to RM9.58.
Lion Corp was the most actively traded counter with 16.15 million shares done. The stock added three sen to 33.5 sen. Other actives included ManagePay Systems, Silver Bird, Hua Ann, Sinotop, Perisai, Jotech, Berjaya Food and Digistar.
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Meanwhile, Japanese shares were little changed on Thursday, as their rebound from a steep fall last week ran out of steam on persistent worries about radiation leaks from a quake-stricken nuclear plant, according to Reuters.
Although Tokyo stocks have recovered around 15% from an intraday low hit last week, worries that damage from a massive earthquake on March 11 and the subsequent accident at the nuclear facility could hurt corporate earnings kept investors on edge, it said.
The FBM KLCI fell 1.73 points to 1,510.24 at mid-morning, weighed by losses including at BAT, PPB and Tenaga.
Gainers edged losers by 241 to 148, while 230 counters traded unchanged. Volume was 243.3 million shares valued at RM192.25 million.
At the regional markets, Japan's Nikkei 225 was down 0.20% to 9,430.50.
Elsewhere, Hong Kong's Hang Seng Index rose 0.81% to 23,010.89, the Shanghai Composite Index edged up 0.03% to 2,949.44, Taiwan's Taiex added 0.08% to 8,552.21, South Korea's Kospi gained 0.89% to 2,030.04 and Singapore's Straits Times Index was up 0.12% to 3,025.70.
BIMB Securities Research in a note March 24 said the reports that gasoline consumption increased in the US suggested that consumers were able to absorb costlier gasoline price, indicating that this was a sign that the US economy would not be too badly hit as a result of the conflicts in the Middle East.
'Elsewhere, the Japan government estimates that the cost of rebuilding the earthquake affected area could reach as high as US$300 billion and this may cut Japan GDP growth by as much as 0.5%.
'Nevertheless, we are of the view that the news flow in the US may not have a material bearing to the local market and hence, we expect the local market to trade in tight range today with mild upside bias closing,' it said.
On Bursa Malaysia, BAT was the top loser at mid-morning and fell 70 sen to RM46.70; PPB lost 10 sen to RM17, Bintulu Port and Hai-O fell nine sen each to RM6.60 and RM2.18,Tenaga fell six sen to RM6.12, Mercury and Top Glove five sen each to 75 sen and RM5.30, while Proton and Voir lost four sen each to RM3.45 and 52.5 sen.
BHIC was the top gainer and added 31 sen to RM4.10. HwangDBS Vickers Research has initiated coverage on the stock with a Buy recommendation and target price of RM6.55.
Other gainers included Ewein that rose 19 sen to RM1.06, Esso 16 sen to RM3.37, Chin Teck 15 sen to RM8.60, Hing Yap 12 sen to RM1.98 and GAB nine sen to RM9.58.
Lion Corp was the most actively traded counter with 16.15 million shares done. The stock added three sen to 33.5 sen. Other actives included ManagePay Systems, Silver Bird, Hua Ann, Sinotop, Perisai, Jotech, Berjaya Food and Digistar.
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