KUALA LUMPUR: The FBM KLCI started the first trading day of the third quarter of 2011 on a high note, in line with the overall positive investor sentiment at key regional markets.
Asian markets rose after the Greek parliament approved detailed austerity and privatisation bills on Thursday in a crucial vote to secure emergency funds and avert imminent bankruptcy, according to Reuters.
In the US, Midwest business activity showed surprising strength this month, lifted by a jump in new orders, the Institute for Supply Management-Chicago said. That helped calm concerns about the economy that have weighed on markets for two months, it said.
The FBM KLCI rose 2.154 points to 1,581.21 at 10am, lifted by gains including at DiGi, Petronas Dagangan, KLK and AMMB.
Gainers led losers by 185 to 134, while 236 counters traded unchanged. Volume was 174.17 million shares valued at RM191.23 million.
At the regional markets, Hong Kong's Hang Seng Index jumped 1.53% to 22,398.10, Japan's Nikkei 225 rose 0.48% to 9,862.85, South Korea's Kospi added 0.99% to 2,121.48, Taiwan's Taiex gained 0.73% to 8,716.10, Singapore's Straits Times was up 0.34% to 3,131.09 while the Shanghai Composite Index edged up 0.02% to 2,762.66.
Maybank Investment Bank Bhd head of retail research Lee Cheng Hooi in a note to clients July 1 said that due to the firmer tone at the US markets yesterday, there could be some buying activities in the local bourse today.
He said the market could rise marginally, with some later day profit taking activities.
'There is a good possibility that it will test its all-time high and resistance of 1,579.
'If the index surges and sustains above 1,579, then we see upside to 1,581 and 1,601 in the short-to-medium term,' he said.
Meanwhile, BIMB Securities Research in a note July 1 said prospects in the US did not look too optimistic following rating giants S&P, Moody's and Fitch all warning of possible downgrade on the US if no agreement on the debt ceiling was in place soon.
'On the local front, buying on blue chips continued pushing the FBMKLCI to end at an all time high.
'Though we believe upside to continue with the psychological 1,600 as the next target, one can expect some profit taking to emerge after recent uptrend,' it said.
Among the gainers at mid-morning, DiGi added 24 sen to RM29.28, SapuraCrest 20 sen to RM1.20, MSM 11 sen to RM4.84, Petronas Dagangan and KLK10 sen each to RM16.20 and RM22.26, while Batu Kawan, Top Glove and AMMB added eight sen each to RM17.20, RM5.28 and RM6.59 respectively.
Newly-listed Eversendai was the most actively traded counter with 40.57 million shares traded. The stock was up four sen to RM1.74.
Other actives included TMS, Time, Focus, Ideal Jacobs, Ingenuity Solutions and JAKS.
Decliners included Malayan Flour Mills, Wah Seong, BToto, Notion, Media Prima and BAT.
Asian markets rose after the Greek parliament approved detailed austerity and privatisation bills on Thursday in a crucial vote to secure emergency funds and avert imminent bankruptcy, according to Reuters.
In the US, Midwest business activity showed surprising strength this month, lifted by a jump in new orders, the Institute for Supply Management-Chicago said. That helped calm concerns about the economy that have weighed on markets for two months, it said.
The FBM KLCI rose 2.154 points to 1,581.21 at 10am, lifted by gains including at DiGi, Petronas Dagangan, KLK and AMMB.
Gainers led losers by 185 to 134, while 236 counters traded unchanged. Volume was 174.17 million shares valued at RM191.23 million.
At the regional markets, Hong Kong's Hang Seng Index jumped 1.53% to 22,398.10, Japan's Nikkei 225 rose 0.48% to 9,862.85, South Korea's Kospi added 0.99% to 2,121.48, Taiwan's Taiex gained 0.73% to 8,716.10, Singapore's Straits Times was up 0.34% to 3,131.09 while the Shanghai Composite Index edged up 0.02% to 2,762.66.
Maybank Investment Bank Bhd head of retail research Lee Cheng Hooi in a note to clients July 1 said that due to the firmer tone at the US markets yesterday, there could be some buying activities in the local bourse today.
He said the market could rise marginally, with some later day profit taking activities.
'There is a good possibility that it will test its all-time high and resistance of 1,579.
'If the index surges and sustains above 1,579, then we see upside to 1,581 and 1,601 in the short-to-medium term,' he said.
Meanwhile, BIMB Securities Research in a note July 1 said prospects in the US did not look too optimistic following rating giants S&P, Moody's and Fitch all warning of possible downgrade on the US if no agreement on the debt ceiling was in place soon.
'On the local front, buying on blue chips continued pushing the FBMKLCI to end at an all time high.
'Though we believe upside to continue with the psychological 1,600 as the next target, one can expect some profit taking to emerge after recent uptrend,' it said.
Among the gainers at mid-morning, DiGi added 24 sen to RM29.28, SapuraCrest 20 sen to RM1.20, MSM 11 sen to RM4.84, Petronas Dagangan and KLK10 sen each to RM16.20 and RM22.26, while Batu Kawan, Top Glove and AMMB added eight sen each to RM17.20, RM5.28 and RM6.59 respectively.
Newly-listed Eversendai was the most actively traded counter with 40.57 million shares traded. The stock was up four sen to RM1.74.
Other actives included TMS, Time, Focus, Ideal Jacobs, Ingenuity Solutions and JAKS.
Decliners included Malayan Flour Mills, Wah Seong, BToto, Notion, Media Prima and BAT.
No comments:
Post a Comment