Thursday, April 21, 2011

Limited gains on FBM KLCI at mid-morning

KUALA LUMPUR: The FBM KLCI pared down some of its gains at mid-morning on Thursday, April 21 in line with the generally positive but cautious investor sentiment at key regional markets.

At 10am, the FBM KLCI was up 0.26 point to 1,531.28.

Gainers led losers by 305 to 142 while 240 counters traded unchanged. Volume was 400.89 million shares valued at RM234.31 million.

Asian markets advanced this morning following the overnight surge at Wall Street as very strong earnings figures from Apple, Intel and United Technologies lifted the markets there.

The upward move, however, was limited with volumes staying thin as investors are reluctant to make big bets, according to Reuters.

At the regional markets, Japan's Nikkei 225 was up 0.58% to 9,662.67, Hong Kong's Hang Seng Index rose 0.63% to 24,047.43, the Shanghai Composite Index added 0.42% to 3,019.77, Taiwan's Taiex gained 1% to 8,901.35, South Korea's Kospi added 0.99% to 2,191.30 while Singapore's Straits Times Index edged up 0.43% to 3,179.55.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients said due to the Dow Jones Industrial Average's firmly positive tone last night, the FBM KLCI would be 'Gap Up' today.

'We expect further range trading for the FBM KLCI. As such, invest with a short-term time horizon,' he said.

On Bursa Malaysia, the top gainer at mid-morning was Tricubes that rose 18 sen to 34 sen with 32.3 million shares done.

BAT and Genting rose 12 sen each to RM47.90 and RM11.62, Vitrox and MMHE up 11 sen each to RM2.09 and RM6.91, MPI, Intgrax and Ta Ann added 10 sen each to RM5.50, RM1.70 and RM6.33 respectively, while Carlsberg and SBC Corp added nine sen each to RM7.90 and RM1.15.

Asia Media was the most actively traded counter with 48.1 million shares done. The stock added 3.5 sen to 33.5 sen.

Other actives included Tricubes, Connectcounty, Technodex, Smartag, Focus, MUI Industries and Iris Corp.

Decliners included Visdynamics, Fututec, Coastal Contractsm UMW, Bursa Malaysia, C.I.Holdings, RHB Capital, MPHB and Batu Kawan.

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