KUALA LUMPUR:'' The FBM KLCI rebounded on Monday, April 18 following Barisan Nasional's victory at the Sarawak state elections over the weekend that saw the ruling coalition retain its two-thirds majority in the state legislative assembly.
At 10am, the benchmark FBM KLCI was up 6.89 points to 1,528.83.
Gainers led losers by 367 to 83, while 119 counters traded unchanged. Volume was 254.71 million shares valued at RM192.62 million.
At the regional markets, Japan's Nikkei 225 and the Shanghai Composite Index fell 0.19% each to 9,573.04 and 3,044.71 respectively, while Hong Kong's Hang Seng Index slipped 0.13% to 23,976.06.
Meanwhile, Taiwan's Taiex Index added 0.42% to 8,754.58, Singapore's Straits Times Index gained 0.24% to 3,160.85 and South Korea's Kospi edged up 0.07% to 2,141.98.
OSK Research's Shin Kao Jack in a note April 18 said it was still hard to tell which direction the market would take this week, adding that the bulls would like to see the index start to create a new base at above the recent low of 1,517 points.
The market had at least been trading at above this level over the last three trading days, he said.
However, the odds were still high that the index could fall further and even possibly re-test the essential 1,474 point-level again as the short-term uptrend line had been violated, he said.
'We will see whether the index can recover yesterday's (Friday) losses soon or retrace further from here. If the index can start recovering the losses immediately, it means that it might be building a new base at above Wednesday's low.
'Anyhow, the market's near-term technical outlook has been straightforward enough for us to continue to maintain our bullish view as long as the benchmark it is trading at above the 1,474 point-level,' he said.
Shin said the immediate support was still seen at last Wednesday's low of 1,517 points while the 1,500 psychological mark would be the next support.
'To the upside, there is immediate resistance at the 1,565 point-level while the next hurdle is situated at the historic high of 1,577 points,' Shin said.
Among the early gainers on Bursa Malaysia, F&N rose 32 sen to RM16.60, Tahps 30 sen to RM4.80, YTL Corp 24 sen to RM7.96, Tan Chong 21 sen to RM4.72, Hong Leong Bank 20 sen to RM10.50, Ta Ann 19 sen to RM6.30, Tong Herr and Coastal Contracts 18 sen each to RM2.59 and RM3.43, while GAB added 14 sen to RM10.14.
Radio frequency identification (RFID) solutions provider Smartag Solutions Bhd, which maded its debut on Bursa Malaysia today, was the most actively traded counter at mid-morning.
The stock rose six sen to 37 sen with 75.2 million shares done.
Other actives included Viztel, Gula Perak, KUB, Focus Point, Perisai, HWGB and Time.
Decliners included V.S Industry, EON Capital, Wah Seong, Top Glove, Latitude, IOI Corp and Jerneh.
At 10am, the benchmark FBM KLCI was up 6.89 points to 1,528.83.
Gainers led losers by 367 to 83, while 119 counters traded unchanged. Volume was 254.71 million shares valued at RM192.62 million.
At the regional markets, Japan's Nikkei 225 and the Shanghai Composite Index fell 0.19% each to 9,573.04 and 3,044.71 respectively, while Hong Kong's Hang Seng Index slipped 0.13% to 23,976.06.
Meanwhile, Taiwan's Taiex Index added 0.42% to 8,754.58, Singapore's Straits Times Index gained 0.24% to 3,160.85 and South Korea's Kospi edged up 0.07% to 2,141.98.
OSK Research's Shin Kao Jack in a note April 18 said it was still hard to tell which direction the market would take this week, adding that the bulls would like to see the index start to create a new base at above the recent low of 1,517 points.
The market had at least been trading at above this level over the last three trading days, he said.
However, the odds were still high that the index could fall further and even possibly re-test the essential 1,474 point-level again as the short-term uptrend line had been violated, he said.
'We will see whether the index can recover yesterday's (Friday) losses soon or retrace further from here. If the index can start recovering the losses immediately, it means that it might be building a new base at above Wednesday's low.
'Anyhow, the market's near-term technical outlook has been straightforward enough for us to continue to maintain our bullish view as long as the benchmark it is trading at above the 1,474 point-level,' he said.
Shin said the immediate support was still seen at last Wednesday's low of 1,517 points while the 1,500 psychological mark would be the next support.
'To the upside, there is immediate resistance at the 1,565 point-level while the next hurdle is situated at the historic high of 1,577 points,' Shin said.
Among the early gainers on Bursa Malaysia, F&N rose 32 sen to RM16.60, Tahps 30 sen to RM4.80, YTL Corp 24 sen to RM7.96, Tan Chong 21 sen to RM4.72, Hong Leong Bank 20 sen to RM10.50, Ta Ann 19 sen to RM6.30, Tong Herr and Coastal Contracts 18 sen each to RM2.59 and RM3.43, while GAB added 14 sen to RM10.14.
Radio frequency identification (RFID) solutions provider Smartag Solutions Bhd, which maded its debut on Bursa Malaysia today, was the most actively traded counter at mid-morning.
The stock rose six sen to 37 sen with 75.2 million shares done.
Other actives included Viztel, Gula Perak, KUB, Focus Point, Perisai, HWGB and Time.
Decliners included V.S Industry, EON Capital, Wah Seong, Top Glove, Latitude, IOI Corp and Jerneh.
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