KUALA LUMPUR: The FBM KLCI snapped its four-day losing streak and was in positive territory at mid-morning on Wednesday, July 20 in line with the advance at key regional market following the firmer overnight close at Wall Street.
Asian shares rose on Wednesday as indications of progress on a U.S. budget-reduction deal boosted investor confidence while encouraging quarterly numbers from Apple Inc and International Business Machines Corp helped Asia's beaten-down tech sector gain for a second day, according to Reuters.
Asian tech stocks, this year's worst performing regional sector, got a lift as corporate earnings from IBM and iPhone maker Apple which surpassed analyst forecasts, it said.
The FBM KLCI rose 7.95 points to 1,563.59 at 10am. Gainers led losers by 314 to 95, while 167 counters traded unchanged. Volume was 192.27 million shares valued at RM160.69 million.
At the regional markets, Japan's Nikkei 225 rose 1.34% to 10,022.60, Hong Kong's Hang Seng Index added 0.50% to 22,011.04, the Shanghai Composite Index gained 0.44% to 2,809.26, Taiwan's Taiex jumped 1.44% to 8.647.08, South Korea's Kospi was up 1.32% to 2,158.33 while Singapore's Straits Times Index edged up 0.41% to 3,108.84.
BIMB Securities Research in a note July 20 said most regional markets were lower yesterday as debt worries in the United States and Europe kept a shadow over global markets.
The FBMKLCI ended 6.81 points lower yesterday at 1,555.77 and broke the critical support level of 1,560 and below the 30-day SMA line, it said.
However in the US, the Dow Jones was up 202.26 points, the biggest gains since March following President Barack Obama embraced a US$3.7 trillion debt-cutting plan and corporate posted their earnings beating estimates.
'Major European markets were also up as political leaders aimed at resolving the regional debt crisis.
'With this, we shall see shall see a rebound on regional indices as well as the FBMKLCI with immediate resistance at 1,570, then 1,588,' it said.
On Bursa Malaysia, Sindora was the top gainer at mid-morning and added 21 sen to RM2.74; Tradewinds and Fima Corp rose 20 sen each to RM9.94 and RM6.25, Hartalega 17 sen to RM5.56, Mah Sing 15 sen to RM2.37, PPB and Genting 14 sen each to RM17.52 and RM10.76, Esso 11 sen to RM4.83 and MAHB 10 sen to RM6.60.
SAAG was the most actively traded counter with 11.97 million shares done. The stock added half a sen to 7.5 sen.
Other actives included Inari, Flonic, Ingenuity Solutions, Wijaya, DVM, Kurnia Asia, Iris and Mah Sing.
Losers in early trade included BAT, Subur Tiasa, Proton, F&N and Hong Leong Industries.
Asian shares rose on Wednesday as indications of progress on a U.S. budget-reduction deal boosted investor confidence while encouraging quarterly numbers from Apple Inc and International Business Machines Corp helped Asia's beaten-down tech sector gain for a second day, according to Reuters.
Asian tech stocks, this year's worst performing regional sector, got a lift as corporate earnings from IBM and iPhone maker Apple which surpassed analyst forecasts, it said.
The FBM KLCI rose 7.95 points to 1,563.59 at 10am. Gainers led losers by 314 to 95, while 167 counters traded unchanged. Volume was 192.27 million shares valued at RM160.69 million.
At the regional markets, Japan's Nikkei 225 rose 1.34% to 10,022.60, Hong Kong's Hang Seng Index added 0.50% to 22,011.04, the Shanghai Composite Index gained 0.44% to 2,809.26, Taiwan's Taiex jumped 1.44% to 8.647.08, South Korea's Kospi was up 1.32% to 2,158.33 while Singapore's Straits Times Index edged up 0.41% to 3,108.84.
BIMB Securities Research in a note July 20 said most regional markets were lower yesterday as debt worries in the United States and Europe kept a shadow over global markets.
The FBMKLCI ended 6.81 points lower yesterday at 1,555.77 and broke the critical support level of 1,560 and below the 30-day SMA line, it said.
However in the US, the Dow Jones was up 202.26 points, the biggest gains since March following President Barack Obama embraced a US$3.7 trillion debt-cutting plan and corporate posted their earnings beating estimates.
'Major European markets were also up as political leaders aimed at resolving the regional debt crisis.
'With this, we shall see shall see a rebound on regional indices as well as the FBMKLCI with immediate resistance at 1,570, then 1,588,' it said.
On Bursa Malaysia, Sindora was the top gainer at mid-morning and added 21 sen to RM2.74; Tradewinds and Fima Corp rose 20 sen each to RM9.94 and RM6.25, Hartalega 17 sen to RM5.56, Mah Sing 15 sen to RM2.37, PPB and Genting 14 sen each to RM17.52 and RM10.76, Esso 11 sen to RM4.83 and MAHB 10 sen to RM6.60.
SAAG was the most actively traded counter with 11.97 million shares done. The stock added half a sen to 7.5 sen.
Other actives included Inari, Flonic, Ingenuity Solutions, Wijaya, DVM, Kurnia Asia, Iris and Mah Sing.
Losers in early trade included BAT, Subur Tiasa, Proton, F&N and Hong Leong Industries.
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