KUALA LUMPUR: The FBM KLCI was flat at mid-morning on Monday, June 20 in line with the limited gains at key regional markets after Euro zone finance ministers postponed a final decision on extending a further 12 billion euros ($17 billion) in emergency loans to Greece.
At 10am, the FBM KLCI was up 0.01 point to 1,563.44.
Gainers led losers by 195 to 163, while 227 counters traded unchanged. Volume was 167.66 million shares valued at RM123.19 million.
At the regional markets, Japan's Nikkei 225 was up 0.59% to 9,406.84, Hong Kongs' Hang Seng Index gained 0.88% to 21,886.90, Taiwan's Taiex added 0.49% to 8,678.59, South Korea's Kospi rose 0.30% to 2,038.07 and Singapore's Straits Times Index was up 0.63% to 3,024.19.
Meanwhile, the Shanghai Composite Index edged down 0.27% to 2,635.63.
The Euro zone ministers said in a statement that they expected to pay the money by mid-July. Greece has said it needs the loans by then to avoid defaulting on its debt, according to Reuters.
But keeping up the pressure on Athens, the ministers insisted that disbursement would depend on the Greek parliament first passing laws on fiscal reforms and selling off state assets, it said.
Maybank Investment Bank Bhd head of retail research Lee Cheng Hooi in a note to clients June 20 said the local market remained quite steady despite the Greek debt worries and uncertain mixed US economic news.
Local buying on some key blue chips cushioned the market's initial weakness, he said.
Lee said the obvious support areas for the FBM KLCI were located in the 1,536 to 1,563-zone, adding that the firm resistance zone of 1,564 and 1,57 would see very heavy liquidation activities.
'The local market had meandered in a very tight range since the beginning of 2011.
'We expect that the marker would be in further range-bound movements for the next few weeks, as market-moving local news flow appears to have dried up. Local buying by some funds will cause the index to inch up though,' he said.
Meanwhile, BIMB Securities Research said that Wall Street saw some buying on Friday and consequently pushed the Dow Jones Industrial Average to just above the 12,000 level again.
'We expect this to be short-lived as uncertainties are still very much prevalent in both the US and Europe.
'Back home, we believe the FBMKLCI though is still in its consolidation phase, is expected to see some buying support on selected blue chips as many funds have started to rollover their valuations to 2012. Immediate resistance is seen at 1,565 with the next threshold at 1,580,' it said in a note June 20.
Among the gainers on Bursa Malaysia, Genting rose 12 sen to RM10.98 after the gaming group announced it was pushing ahead with its US$3 billion Resorts World Miami mixed development.
Genting's announced of the hiring of Miami-based Arquitectonica to create the master plan for its project just after three weeks of its successful US$236 million (RM717 million) bid for a 13.9-acre (5.6ha) waterfront land in northern downtown Miami, though a casino licence is not yet within reach.
Other gainers included DiGi that added 52 sen to RM29.10, BAT 30 sen to RM45.98, Malayan Flour Mills 20 sen to RM7.24, PPB 16 sen to RM16.98, Petronas Gas 14 sen to RM13.08, MISC and Harrisons 12 sen each to RM7.23 and RM3.92, IJM Corp 10 sen to RM6.36 while Lafarge Malayan Cement was up eight sen to RM7.50.
Banking stocks were among the early decliners, with RHB Capital and Maybank down 10 sen each to RM9.65 and RM8.90, Hong Leong Bank eight sen to RM13.28 and CIMB down six sen to RM8.49.
Other decliners included KLK that fell 18 sen to RM22.20, Pos Malaysia down eight sen to RM3.30, while S P Setia, Parkson, JT International and KFCH lost six sen each to RM4.13, RM5.99, RM7.03 and RM3.92 respectively.
Actives included Ingenuity Solutions, Talam, DBE Gurney, Asia Media and Tricubes.
''
At 10am, the FBM KLCI was up 0.01 point to 1,563.44.
Gainers led losers by 195 to 163, while 227 counters traded unchanged. Volume was 167.66 million shares valued at RM123.19 million.
At the regional markets, Japan's Nikkei 225 was up 0.59% to 9,406.84, Hong Kongs' Hang Seng Index gained 0.88% to 21,886.90, Taiwan's Taiex added 0.49% to 8,678.59, South Korea's Kospi rose 0.30% to 2,038.07 and Singapore's Straits Times Index was up 0.63% to 3,024.19.
Meanwhile, the Shanghai Composite Index edged down 0.27% to 2,635.63.
The Euro zone ministers said in a statement that they expected to pay the money by mid-July. Greece has said it needs the loans by then to avoid defaulting on its debt, according to Reuters.
But keeping up the pressure on Athens, the ministers insisted that disbursement would depend on the Greek parliament first passing laws on fiscal reforms and selling off state assets, it said.
Maybank Investment Bank Bhd head of retail research Lee Cheng Hooi in a note to clients June 20 said the local market remained quite steady despite the Greek debt worries and uncertain mixed US economic news.
Local buying on some key blue chips cushioned the market's initial weakness, he said.
Lee said the obvious support areas for the FBM KLCI were located in the 1,536 to 1,563-zone, adding that the firm resistance zone of 1,564 and 1,57 would see very heavy liquidation activities.
'The local market had meandered in a very tight range since the beginning of 2011.
'We expect that the marker would be in further range-bound movements for the next few weeks, as market-moving local news flow appears to have dried up. Local buying by some funds will cause the index to inch up though,' he said.
Meanwhile, BIMB Securities Research said that Wall Street saw some buying on Friday and consequently pushed the Dow Jones Industrial Average to just above the 12,000 level again.
'We expect this to be short-lived as uncertainties are still very much prevalent in both the US and Europe.
'Back home, we believe the FBMKLCI though is still in its consolidation phase, is expected to see some buying support on selected blue chips as many funds have started to rollover their valuations to 2012. Immediate resistance is seen at 1,565 with the next threshold at 1,580,' it said in a note June 20.
Among the gainers on Bursa Malaysia, Genting rose 12 sen to RM10.98 after the gaming group announced it was pushing ahead with its US$3 billion Resorts World Miami mixed development.
Genting's announced of the hiring of Miami-based Arquitectonica to create the master plan for its project just after three weeks of its successful US$236 million (RM717 million) bid for a 13.9-acre (5.6ha) waterfront land in northern downtown Miami, though a casino licence is not yet within reach.
Other gainers included DiGi that added 52 sen to RM29.10, BAT 30 sen to RM45.98, Malayan Flour Mills 20 sen to RM7.24, PPB 16 sen to RM16.98, Petronas Gas 14 sen to RM13.08, MISC and Harrisons 12 sen each to RM7.23 and RM3.92, IJM Corp 10 sen to RM6.36 while Lafarge Malayan Cement was up eight sen to RM7.50.
Banking stocks were among the early decliners, with RHB Capital and Maybank down 10 sen each to RM9.65 and RM8.90, Hong Leong Bank eight sen to RM13.28 and CIMB down six sen to RM8.49.
Other decliners included KLK that fell 18 sen to RM22.20, Pos Malaysia down eight sen to RM3.30, while S P Setia, Parkson, JT International and KFCH lost six sen each to RM4.13, RM5.99, RM7.03 and RM3.92 respectively.
Actives included Ingenuity Solutions, Talam, DBE Gurney, Asia Media and Tricubes.
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