KUALA LUMPUR: The FBM KLCI started the week of Monday, Aug 15 in positive territory in line with key regional markets that climbed following the gains at Wall Street last Friday.
However, gains at most of the Asian markets remained modest, given that debt cutting plans in Europe and the United States threaten to act as a further drag on already weak economic growth.
The FBM KLCI rose 4.90 points to 1,488.57 at 10am.
Gainers led losers by 277 to 110, while 209 counters traded unchanged. Volume was 182.88 million shares valued at RM133.13 million.
At the regional markets, Hong Kong's Hang Seng Index rose 1.97% to 20,007.16, Taiwan's Taiex added 1.82% to 7,776.27, Japan's Nikkei 225 gained 0.87% to 9,041.90, Singapore's Straits Times Index was up 0.24% to 2,857.57 and the Shanghai Composite Index edged up 0.08% to 2,595.16.
South Korea's markets were closed for the Liberation Day national holiday.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients Aug 15 said that weaker US and Eurozone fundamentals were causing global investors to liquidate on any and every rebound rally.
Also, there was large carry-trade unwinding in the Asean region, namely in Indonesia and the Philippines, he said.
He said investors should dispose stocks on rally and keep more cash rather than equity, adding that any attempt to bargain hunt will be futile and short-lived.
'Therefore, any quick bargain hunting profits may quickly erode if clients do not take their positions off the table swiftly.
'Traditionally the August to October period is the set months when there is massive equity volatility. Clients should tag on a very cautious investment stance for the coming weeks,' he said.
On Bursa Malaysia, Petronas Dagangan was the top gainer at mid-morning and added 38 sen to RM17.16; Sindora was up 33 sen to RM2.38, Iretex 13 sen to RM1.10, Bina Goodyear 12 sen to RM1, IJM Corp and Genting PLANTATION []s 11 sen each to RM5.92 and RM7.02, while Litrak and GAB added 10 sen each to RM3.70 and RM10.20.
DVM was the most actively traded counter with 20 million shares done. The stock fell 2.5 sen to 19 sen.
Other actives included Asiapac, MAS, Ramunia, AirAsia, Wijaya and Dataprep.
Among the decliners, Notion and BHIC lost six sen each to RM1.91 and RM3.20, Top Glove and Kulim down five sen to RM5.20 and RM3.64, while MAHB and Wah Seong fell four sen each to RM6.21 and RM2.15.
However, gains at most of the Asian markets remained modest, given that debt cutting plans in Europe and the United States threaten to act as a further drag on already weak economic growth.
The FBM KLCI rose 4.90 points to 1,488.57 at 10am.
Gainers led losers by 277 to 110, while 209 counters traded unchanged. Volume was 182.88 million shares valued at RM133.13 million.
At the regional markets, Hong Kong's Hang Seng Index rose 1.97% to 20,007.16, Taiwan's Taiex added 1.82% to 7,776.27, Japan's Nikkei 225 gained 0.87% to 9,041.90, Singapore's Straits Times Index was up 0.24% to 2,857.57 and the Shanghai Composite Index edged up 0.08% to 2,595.16.
South Korea's markets were closed for the Liberation Day national holiday.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients Aug 15 said that weaker US and Eurozone fundamentals were causing global investors to liquidate on any and every rebound rally.
Also, there was large carry-trade unwinding in the Asean region, namely in Indonesia and the Philippines, he said.
He said investors should dispose stocks on rally and keep more cash rather than equity, adding that any attempt to bargain hunt will be futile and short-lived.
'Therefore, any quick bargain hunting profits may quickly erode if clients do not take their positions off the table swiftly.
'Traditionally the August to October period is the set months when there is massive equity volatility. Clients should tag on a very cautious investment stance for the coming weeks,' he said.
On Bursa Malaysia, Petronas Dagangan was the top gainer at mid-morning and added 38 sen to RM17.16; Sindora was up 33 sen to RM2.38, Iretex 13 sen to RM1.10, Bina Goodyear 12 sen to RM1, IJM Corp and Genting PLANTATION []s 11 sen each to RM5.92 and RM7.02, while Litrak and GAB added 10 sen each to RM3.70 and RM10.20.
DVM was the most actively traded counter with 20 million shares done. The stock fell 2.5 sen to 19 sen.
Other actives included Asiapac, MAS, Ramunia, AirAsia, Wijaya and Dataprep.
Among the decliners, Notion and BHIC lost six sen each to RM1.91 and RM3.20, Top Glove and Kulim down five sen to RM5.20 and RM3.64, while MAHB and Wah Seong fell four sen each to RM6.21 and RM2.15.
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