KUALA LUMPUR: The FBM KLCI bucked the trend among regional markets and rose more than 1.5% at the mid-day break on Friday, Sept 2, lifted by select blue chips.
However, analysts appeared to be sceptical about the prospects for the local bourse going forward and had reduced their forecasts for this year after a generally disappointing set of second quarter results.
At 12.30pm, the 30-stock index added 23.38 points to 1,470.65. Gainers led losers by 393 to 202, while 233 counters traded unchanged. Volume was 450.3 million shares valued at RM1.16 billion.
The ringgit weakened 0.24% to 2.9700 versus the US dollar; crude palm oil futures for the third month delivery rose RM40 per tonne to RM3,038, crude oil slipped 24 cents per barrel to US$88.69 while gold gained US$3.53 an ounce to US$1,829.68.
Regional markets were in the red as investors took profit ahead of a US labour market report due later on Friday. Japan's Nikkei 225 fell 1.45% to 8,929.60, Hong Kong's Hang Seng Index down 1.32% to 20,313.99, the Shanghai Composite Index lost 1.28% to 2,523.30, South Korea's Kospi fell 0.79% to 1,865.91, Singapore's Straits Times Index down 0.64% to 2,848.88 and Taiwan's Taiex shed 0.13% to 7,747.48.
Maybank Investment Bank Research said'' as overcast skies continue to loom, it expects volatility in global equities to persist. However, it expected the strong domestic fundamentals to provide the support.
'Our 2011 year-end (YE) target of 1,660 derived from 14.5 times 2012 price-to-earnings ratio (PER), is no longer realistic. After incorporating for lower corporate earnings growth forecasts, our new YE target is 1,520 pts on a bottom-up approach, which implies 13.6 times forward earnings.
'We also introduce 2012 YE target of 1,650 which has not imputed any expansion in PER multiples,' it said.
At Bursa Malaysia, key stocks were among the top gainers. DiGi rose RM1.06 to RM31.28, Lafarge 45 sen to RM7.04, Petronas Dagangan and KLK 36 sen each to RM18 and RM21.68, Harrisons 35 sen to RM3.75, BAT 34 sen to RM44, Tasek and Parkson 30 sen each to RM7.56 and RM5.72, Petronas Gas and PPB 26 sen each to RM13.48 and RM17.12, while CIMB added 19 sen to RM7.26.
Axiata was the most actively traded counter with 24.4 million shares done. The stock shed one sen to RM4.71.
Other actives included E&O, CIMB, Petronas Chemicals, MUI, Sime Darby and Maybank.
Losers included Petrol One, Southern Acids, AIC, Hong Leong Industries, Toyo Ink, Faber, Masterskill, United PLANTATION []s, Perduren and Nestle.
However, analysts appeared to be sceptical about the prospects for the local bourse going forward and had reduced their forecasts for this year after a generally disappointing set of second quarter results.
At 12.30pm, the 30-stock index added 23.38 points to 1,470.65. Gainers led losers by 393 to 202, while 233 counters traded unchanged. Volume was 450.3 million shares valued at RM1.16 billion.
The ringgit weakened 0.24% to 2.9700 versus the US dollar; crude palm oil futures for the third month delivery rose RM40 per tonne to RM3,038, crude oil slipped 24 cents per barrel to US$88.69 while gold gained US$3.53 an ounce to US$1,829.68.
Regional markets were in the red as investors took profit ahead of a US labour market report due later on Friday. Japan's Nikkei 225 fell 1.45% to 8,929.60, Hong Kong's Hang Seng Index down 1.32% to 20,313.99, the Shanghai Composite Index lost 1.28% to 2,523.30, South Korea's Kospi fell 0.79% to 1,865.91, Singapore's Straits Times Index down 0.64% to 2,848.88 and Taiwan's Taiex shed 0.13% to 7,747.48.
Maybank Investment Bank Research said'' as overcast skies continue to loom, it expects volatility in global equities to persist. However, it expected the strong domestic fundamentals to provide the support.
'Our 2011 year-end (YE) target of 1,660 derived from 14.5 times 2012 price-to-earnings ratio (PER), is no longer realistic. After incorporating for lower corporate earnings growth forecasts, our new YE target is 1,520 pts on a bottom-up approach, which implies 13.6 times forward earnings.
'We also introduce 2012 YE target of 1,650 which has not imputed any expansion in PER multiples,' it said.
At Bursa Malaysia, key stocks were among the top gainers. DiGi rose RM1.06 to RM31.28, Lafarge 45 sen to RM7.04, Petronas Dagangan and KLK 36 sen each to RM18 and RM21.68, Harrisons 35 sen to RM3.75, BAT 34 sen to RM44, Tasek and Parkson 30 sen each to RM7.56 and RM5.72, Petronas Gas and PPB 26 sen each to RM13.48 and RM17.12, while CIMB added 19 sen to RM7.26.
Axiata was the most actively traded counter with 24.4 million shares done. The stock shed one sen to RM4.71.
Other actives included E&O, CIMB, Petronas Chemicals, MUI, Sime Darby and Maybank.
Losers included Petrol One, Southern Acids, AIC, Hong Leong Industries, Toyo Ink, Faber, Masterskill, United PLANTATION []s, Perduren and Nestle.
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