Thursday, July 7, 2011

FBM KLCI stays above 1,590-level at mid-morning

KUALA LUMPUR: The FBM KLCI stayed above the 1,590-level at mid-morning on Thursday, July 7 in line with the slightly firmer overnight close at Wall Street.

However, investor sentiment remained cautious at key regional markets following China raising interest rates and Japan's Nikkei 225 succumbing to profit-taking, snapping its 7-day positive run.

The FBM KLCI rose 1.59 points to 1,592.93 at 10am.

Gainers led losers by 253 to 169, while 221 counters traded unchanged. Volume was 288.99 million shares valued at RM280.96 million.

At the regional markets, Japan's Nikkei 225 shed 0.10% to 10,072.37, the Shanghai Composite Index fell 0.27% to 2,802.77 and Taiwan's Taiex lost 0.58% to 8,773.26.

Meanwhile, Hong Kong's Hang Seng Index rose 0.43% to 22,614.58, South Korea's Kospi added 0.49% to 2,181.82 and Singapore's Straits Times Index edged up 0.34% to 3,125.15.

BIMB Securities Research in a note July 7 said Wall Street disregarded China's rate hike and the downgrade on Greece's debt to junk status to stage a recovery yesterday after a weak opening.

On the local front, all eyes will be on Bank Negara Malaysia today as the central bank will convene and decide on the OPR and SRR, it said.

'Therefore, this may hinder the FBMKLCI ascension after another record breaking performance yesterday.

'Nonetheless, we believe even if BNM does hike the OPR with another 25 basis points, impact on the local bourse is seen minimal. As mentioned, 1,600 should be no problem,' it said.

Among the gainers at mid-morning, MSM rose 48 sen to RM6.09, DiFGi 24 sen to RM30, AFG 15 sen to RM3.58, Boustead 13 sen to RM6.06, Malayan Flour Mills 12 sen to RM8.38, Puncak and Affin 11 sen each to RM2.10 and RM3.55, while MNRB added 10 sen to RM3.

Losers were led by GAB that fell 20 sen to RM10.40, SOP 10 sen to RM4.11, KYM down nine sen to RM2.21, George Kent and Hong Leong Industries six sen each to RM1.09 and RM4.08, Maxwell 5.5 sen to 39 sen, whiekl Notion, Subur Tiasa, BToto amd IOI Corp fell five sen each to RM2.03, RM2.62, RM4.44 and RM5.30.

The actives included MSM warrants, ASB, AFG, Focus and Timecom.

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