KUALA LUMPUR: The FBM KLCI fell in early trade on Monday, June 13 in line with the dip at most key regional markets following the weaker close at Wall Street last Friday where the Dow Jones Industrial Average slipped below the crucial 12,000-point level.
Asian markets remained jittery this morning after Wall Street closed out a sixth week of losses on Friday amid heightened signs of a global economic slowdown.
Analysts said the FBM KLCI was expected to trade in a tight range this week due to global economic worries, coupled with a lack of domestic news flow.
At 10am, the FBM KLCI fell 6.65 points to 1,549.54.
Losers thumped gainers by 310 to 85, while 167 counters traded unchanged. Volume was 175.78 million shares valued at RM141.48 million.
At the regional markets, Japan's Nikkei 225 fell 0.77% to 9,441.34, Hong Kong's Hang Seng Index lost 1.01% to 22,193.05, the Shanghai Composite Index was down 1.11% to 2,675.11, Taiwan's Taiex down 0.65% to 8,780.08 and Singapore's Straits Times Index shed 0.54% to 3,061.65.
Meanwhile, South Korea's Kospi edged up 0.19% to 2,050.51.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients June 13 said the local market remained quite steady in boring trading activities last week.
The US market remained weak on poorer economic data (weaker hiring, sluggish industrial output and a moribund housing market).
'The obvious support areas for the FBM KLCI are located in the 1,536 to 1,556-zone. The firm resistance zone of 1,558 and 1,576 will see very heavy liquidation activities.
'The local had market meandered in a very tight range since the beginning of 2011. We expect the market to be in further range-bound movements for the next few weeks, as market-moving local; news flow appears to have dried up,' he said.
Meanwhile, BIMB Securities Research said that with the Dow Jones's all-important psychological level of 12,000-points broken last week, Wall Street was in for more roller-coaster trading ahead of some economic indicators due on Tuesday and Wednesday.
'Despite the outlook in the US, we expect Asia to fare better as such developments in the US may trigger a flight of funds into this region.
'Domestically, we expect the FBM KLCI to continue with its trading on a narrow band seen at 1,550 to 1,565 levels,' it said in a note June 13.
Among the major decliners this morning, BAT and United PLANTATION []s fell 20 sen each to RM46.04 and RM19, Genting lost 18 sen to RM11.14, Milux 11 sen to RM1.16, HLFG, RHB Capital, Ta Ann, Rimbunan Sawit and Tradewinds fell 10 sen each to RM12.38, RM9.80, RM6.61, RM2.50 and RM10.52 respectively, while KPJ was down nine sen to RM4.39.
Compugates was the most actively traded counter with 53.7 million shares done. The stock rose one sen to 7 sen.
Other actives included United U-Li Corp, XOX, Focus, Karambunai, Malton, Tebrau and MAS.
Gainers included Dutch Lady U-Li Corp, HPI, Sungei Bagan, Petronas Gas, EPIC, Jaya Tiasa, Dijaya Corp, IJM Plantations and Media Prima.
''
Asian markets remained jittery this morning after Wall Street closed out a sixth week of losses on Friday amid heightened signs of a global economic slowdown.
Analysts said the FBM KLCI was expected to trade in a tight range this week due to global economic worries, coupled with a lack of domestic news flow.
At 10am, the FBM KLCI fell 6.65 points to 1,549.54.
Losers thumped gainers by 310 to 85, while 167 counters traded unchanged. Volume was 175.78 million shares valued at RM141.48 million.
At the regional markets, Japan's Nikkei 225 fell 0.77% to 9,441.34, Hong Kong's Hang Seng Index lost 1.01% to 22,193.05, the Shanghai Composite Index was down 1.11% to 2,675.11, Taiwan's Taiex down 0.65% to 8,780.08 and Singapore's Straits Times Index shed 0.54% to 3,061.65.
Meanwhile, South Korea's Kospi edged up 0.19% to 2,050.51.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients June 13 said the local market remained quite steady in boring trading activities last week.
The US market remained weak on poorer economic data (weaker hiring, sluggish industrial output and a moribund housing market).
'The obvious support areas for the FBM KLCI are located in the 1,536 to 1,556-zone. The firm resistance zone of 1,558 and 1,576 will see very heavy liquidation activities.
'The local had market meandered in a very tight range since the beginning of 2011. We expect the market to be in further range-bound movements for the next few weeks, as market-moving local; news flow appears to have dried up,' he said.
Meanwhile, BIMB Securities Research said that with the Dow Jones's all-important psychological level of 12,000-points broken last week, Wall Street was in for more roller-coaster trading ahead of some economic indicators due on Tuesday and Wednesday.
'Despite the outlook in the US, we expect Asia to fare better as such developments in the US may trigger a flight of funds into this region.
'Domestically, we expect the FBM KLCI to continue with its trading on a narrow band seen at 1,550 to 1,565 levels,' it said in a note June 13.
Among the major decliners this morning, BAT and United PLANTATION []s fell 20 sen each to RM46.04 and RM19, Genting lost 18 sen to RM11.14, Milux 11 sen to RM1.16, HLFG, RHB Capital, Ta Ann, Rimbunan Sawit and Tradewinds fell 10 sen each to RM12.38, RM9.80, RM6.61, RM2.50 and RM10.52 respectively, while KPJ was down nine sen to RM4.39.
Compugates was the most actively traded counter with 53.7 million shares done. The stock rose one sen to 7 sen.
Other actives included United U-Li Corp, XOX, Focus, Karambunai, Malton, Tebrau and MAS.
Gainers included Dutch Lady U-Li Corp, HPI, Sungei Bagan, Petronas Gas, EPIC, Jaya Tiasa, Dijaya Corp, IJM Plantations and Media Prima.
''
No comments:
Post a Comment