KUALA LUMPUR: The FBM KLCI rebounded in early trade on Tuesday, March 8 in line with the slight gains at key regional markets, although investor sentiment remained cautious on the back of the weaker overnight close at Wall Street.
The escalating tensions in the Mid-east region have had a telling impact on global equity markets, with most bourses still reeling from the sell-down over the past few weeks.
At mid-morning, the FBM KLCI was up 3.94p points to 1,519.68. It had earlier risen to 1,525.01.
Gainers edged losers by 201 to 119, while 203 counters traded unchanged. Volume was 187.89 million shares valued at RM233.79 million.
Latest reports by Reuters also indicate that the uprising in the Middle East will not ease off any time soon.
Youth groups plan to challenge Kuwait's authorities on Tuesday and hold unauthorised protests to demand the removal of the prime minister and greater political freedom in the Gulf Arab state, according to Reuters.
Asian stocks have remained under pressure as investors fretted that higher energy prices would stunt the global economic recovery.
US crude eased almost 50 cents, or 0.5%, to just under $105 a barrel, as traders assessed efforts to stem fighting in Libya that threatens to spiral into civil war, according to Reuters.
At the regional markets, Japan's Nikkei 225 rose 0.38% to 10,545.44, Hong Kong's Hang Seng Index added 0.20% to 23,360.39, Taiwan's Taiex was up 0.33% to 8,742.97, South Korea's Kospi gained 0.54% to 1,991.01, Singapore's Straits Times Index edged up 0.16% to 3,071.47 while the Shanghai Composite Index slipped 0.13% to 2,992.18.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients March 8 said he expects the index to remain in a minor rebound mode in the short term and very bearish in the medium term.
'We suggest that clients liquidate on rallies and remain more in cash. Due to the DJIA's weaker tone last night, we will see the FBM KLCI in a sluggish mode today, with persistent selling activities.
'As the market re-visited 1,474 recently, the FBM KLCI index traced out a nasty Head & Shoulders topping pattern. Any low volume rebound moves will allow investors to sell on rallies,' he said.
On Bursa Malaysia, BAT was the top gainer at mid-morning and was up 42 sen to RM47.78; DiGi gained 38 sen to RM28, Petronas Dagangan added 20 sen to RM14.50, Hap Seng 10 sen to RM6.76, MISC , Faber and YTL up 14 sen each to RM8.14, RM1.95 and RM7.42 respectively, while Lafarge Malayan Cement was up 13 sen to RM7.25.
Decliners included BLD PLANTATION []s, MTD Capita; Handal Resources, Mudajaya, KrisAssets, MPHB, Tong Herr and Evergreen.
Berjaya Food, which made its debut on the Main Market this morning, was the most actively traded counter. The stock was up 10.5 sen to 61.5 sen with 19.8 million shares done.
Other actives included SAAG, Perisai, JCY, DRB-Hicom and Petronas Chemicals.
The escalating tensions in the Mid-east region have had a telling impact on global equity markets, with most bourses still reeling from the sell-down over the past few weeks.
At mid-morning, the FBM KLCI was up 3.94p points to 1,519.68. It had earlier risen to 1,525.01.
Gainers edged losers by 201 to 119, while 203 counters traded unchanged. Volume was 187.89 million shares valued at RM233.79 million.
Latest reports by Reuters also indicate that the uprising in the Middle East will not ease off any time soon.
Youth groups plan to challenge Kuwait's authorities on Tuesday and hold unauthorised protests to demand the removal of the prime minister and greater political freedom in the Gulf Arab state, according to Reuters.
Asian stocks have remained under pressure as investors fretted that higher energy prices would stunt the global economic recovery.
US crude eased almost 50 cents, or 0.5%, to just under $105 a barrel, as traders assessed efforts to stem fighting in Libya that threatens to spiral into civil war, according to Reuters.
At the regional markets, Japan's Nikkei 225 rose 0.38% to 10,545.44, Hong Kong's Hang Seng Index added 0.20% to 23,360.39, Taiwan's Taiex was up 0.33% to 8,742.97, South Korea's Kospi gained 0.54% to 1,991.01, Singapore's Straits Times Index edged up 0.16% to 3,071.47 while the Shanghai Composite Index slipped 0.13% to 2,992.18.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients March 8 said he expects the index to remain in a minor rebound mode in the short term and very bearish in the medium term.
'We suggest that clients liquidate on rallies and remain more in cash. Due to the DJIA's weaker tone last night, we will see the FBM KLCI in a sluggish mode today, with persistent selling activities.
'As the market re-visited 1,474 recently, the FBM KLCI index traced out a nasty Head & Shoulders topping pattern. Any low volume rebound moves will allow investors to sell on rallies,' he said.
On Bursa Malaysia, BAT was the top gainer at mid-morning and was up 42 sen to RM47.78; DiGi gained 38 sen to RM28, Petronas Dagangan added 20 sen to RM14.50, Hap Seng 10 sen to RM6.76, MISC , Faber and YTL up 14 sen each to RM8.14, RM1.95 and RM7.42 respectively, while Lafarge Malayan Cement was up 13 sen to RM7.25.
Decliners included BLD PLANTATION []s, MTD Capita; Handal Resources, Mudajaya, KrisAssets, MPHB, Tong Herr and Evergreen.
Berjaya Food, which made its debut on the Main Market this morning, was the most actively traded counter. The stock was up 10.5 sen to 61.5 sen with 19.8 million shares done.
Other actives included SAAG, Perisai, JCY, DRB-Hicom and Petronas Chemicals.
No comments:
Post a Comment