KUALA LUMPUR: The FBM KLCI rose marginally higher at mid-morning on Wednesday, July 6 in line with the mixed key regional markets, as investors took a breather after buying heavily into risky assets over the past week .
Investors also appeared to be cautious after Moody's slashed Portugal's credit rating to junk status, as well as ahead of Friday's US payroll data and the Chinese inflation numbers expected to be out next week.
The FBM KLCI rose 1.14 points to 1,582.99 at 10am.
Gainers led losers by 214 to 157, while 215 counters traded unchanged. Volume was 198.82 million shares valued at RM185.77 million.
At the regional markets, Japan's Nikkei 225 rose 0.16% to 9,988.83 and Taiwan's Taiex gained 0.61% to 8,837.93.
Elsewhere, Hong Kong's Hang Seng Index fell 0.30% to 22,679.43, the Shanghai Composite Index lost 0.78% to 2,794.31, South Korea's Kospi shed 0.20% to 2,157.52 and Singapore's Straits Times Index shed 0.07% to 3,127.43.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients July 6 said that due to the US markets' mixed tone last night, there could be some buying activities in the local bourse today.
The market could rise marginally, with some afternoon profit taking activities, he said.
'There is a good possibility that it will test its all-time high and resistance of 1,589.93. If the index surges and sustains above 1,589, then we see upside to 1,601 in the short-to-medium term.
'However, we could have a rocky rise to the 1,601 level, as some profit-taking and heavy liquidation take place. Currently, the market could remain fairly quiet and boring though,' he said.
Among the gainers at mid-morning, Harrisons added 22 sen to RM3.90, Huat Lai 21 sen to RM2.34, MSM 17 sen to RM5.31, Hap Seng 16 sen to RM5.46, F&N 12 sen to RM19.20, CI Holdings and Tradewinds 1- sen each to RM3.68 and RM10.72, whiel PPB added eight sen to RM17.60.
Ingress was the top loser and fell 15 sen to 70 sen; Quality lost 11 sen to RM1.22, Ibraco 10 sen to RM1, United Malacca eight sen to RM7.02, QSR and RHB Capital seven sen each to RM5.80 and RM8.90, Asdion 5.5 sen to 22.5 sen, while UMW and AirAsia fell five sen each to RM7.25 and RM3.44.
The actives included KBB, Jadi, Lion Corp, LBS Bina, MAA and MSM.s
Investors also appeared to be cautious after Moody's slashed Portugal's credit rating to junk status, as well as ahead of Friday's US payroll data and the Chinese inflation numbers expected to be out next week.
The FBM KLCI rose 1.14 points to 1,582.99 at 10am.
Gainers led losers by 214 to 157, while 215 counters traded unchanged. Volume was 198.82 million shares valued at RM185.77 million.
At the regional markets, Japan's Nikkei 225 rose 0.16% to 9,988.83 and Taiwan's Taiex gained 0.61% to 8,837.93.
Elsewhere, Hong Kong's Hang Seng Index fell 0.30% to 22,679.43, the Shanghai Composite Index lost 0.78% to 2,794.31, South Korea's Kospi shed 0.20% to 2,157.52 and Singapore's Straits Times Index shed 0.07% to 3,127.43.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients July 6 said that due to the US markets' mixed tone last night, there could be some buying activities in the local bourse today.
The market could rise marginally, with some afternoon profit taking activities, he said.
'There is a good possibility that it will test its all-time high and resistance of 1,589.93. If the index surges and sustains above 1,589, then we see upside to 1,601 in the short-to-medium term.
'However, we could have a rocky rise to the 1,601 level, as some profit-taking and heavy liquidation take place. Currently, the market could remain fairly quiet and boring though,' he said.
Among the gainers at mid-morning, Harrisons added 22 sen to RM3.90, Huat Lai 21 sen to RM2.34, MSM 17 sen to RM5.31, Hap Seng 16 sen to RM5.46, F&N 12 sen to RM19.20, CI Holdings and Tradewinds 1- sen each to RM3.68 and RM10.72, whiel PPB added eight sen to RM17.60.
Ingress was the top loser and fell 15 sen to 70 sen; Quality lost 11 sen to RM1.22, Ibraco 10 sen to RM1, United Malacca eight sen to RM7.02, QSR and RHB Capital seven sen each to RM5.80 and RM8.90, Asdion 5.5 sen to 22.5 sen, while UMW and AirAsia fell five sen each to RM7.25 and RM3.44.
The actives included KBB, Jadi, Lion Corp, LBS Bina, MAA and MSM.s
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