KUALA LUMPUR: The FBM KLCI edged up gingerly on Wednesday, Sept 28 as key regional markets traded mixed after having surged a day earlier, as investor sentiment remains fragile still.
Overnight, stocks on Wall Street climbed on some optimism that European policy makers would avert a financial disaster in the euro zone, but that viewpoint could be short-lived unless solid proof emerges that measures are being into place, according to analysts.
The FBM KLCI edged up 0.45 point to 1,364.65 at mid-morning.
Gainers led losers by 208 to 181, while 197 counters traded unchanged. Volume was 209.6 million shares valued at RM279.62 million.
At the regional markets, Japan's Nikkei was up 0.18% to 8,625.40, the Shanghai Composite Index added 0.56% to 2,428.69 and Taiwan's Taiex gained 0.54% to 7,128.09.
Meanwhile, Hong Kong's Hang Seng Index fell 0.94% to 17,959.66, Singapore's Straits Times Index lost 0.28% to 2,718.20 and South Korea's Kospi shed 0.10% to 1,734.02.
BIMB Securities Research in a note Sept 28 said wow that the US has had momentarily passed the buck over to the Euro zone, investors' sentiments were now highly dictated by the progress of Greece's bailout.
Developments over the next few days could be crucial for the global markets as the Euro zone policy makers are to decide if the bailout for Greece will be implemented and for the moment at least, investors seem to lean on the fact that it would, it said.
As a result, the Dow Jones Industrial Average gained another 147 points although it is off the 300 point surge earlier, it said.
The research house said that regionally, trading on the Asian markets would remain volatile although Wall Street gain overnight may provide a temporary reprieve.
'Locally, the FBM KLCI after a 30 points gain yesterday will continue take cue from regional performances and we believe the index may edge closer to the 1,380 level today,' it said.
Meanwhile, Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Sept 28 said the FBM KLCI's resistance areas of 1,367 and 1,422 will cap market gains, whilst the obvious support areas are located at 1,310 and 1,363.
'Despite the US markets' rebound tone last night, we may see a volatile phase for the index today.
'Some late heavy foreign liquidation activities may depress the markets' today,' he said.
On Bursa Malaysia, BAT rose 40 sen to RM44.42, IJM Corp was up 32 sen to RM5.03, DiGi 26 sen to RM30.26, Gamuda and Genting Malaysia 12 sen each to RM2.86 and RM3.36, Bursa 11 sen to RM6.02 and Maybank 10 sen to RM7.97.
Takaso was the most actively traded counter with 10.2 million shares done. The stock added 1.5 sen to 15 sen.
Other actives included Asia EP, UEM Land, MRCB, Systech, AirAsia and HWGB.
Decliners included Cepco, Public Bank, Perstima, Petronas Gas and Hong Leong Bank.
Overnight, stocks on Wall Street climbed on some optimism that European policy makers would avert a financial disaster in the euro zone, but that viewpoint could be short-lived unless solid proof emerges that measures are being into place, according to analysts.
The FBM KLCI edged up 0.45 point to 1,364.65 at mid-morning.
Gainers led losers by 208 to 181, while 197 counters traded unchanged. Volume was 209.6 million shares valued at RM279.62 million.
At the regional markets, Japan's Nikkei was up 0.18% to 8,625.40, the Shanghai Composite Index added 0.56% to 2,428.69 and Taiwan's Taiex gained 0.54% to 7,128.09.
Meanwhile, Hong Kong's Hang Seng Index fell 0.94% to 17,959.66, Singapore's Straits Times Index lost 0.28% to 2,718.20 and South Korea's Kospi shed 0.10% to 1,734.02.
BIMB Securities Research in a note Sept 28 said wow that the US has had momentarily passed the buck over to the Euro zone, investors' sentiments were now highly dictated by the progress of Greece's bailout.
Developments over the next few days could be crucial for the global markets as the Euro zone policy makers are to decide if the bailout for Greece will be implemented and for the moment at least, investors seem to lean on the fact that it would, it said.
As a result, the Dow Jones Industrial Average gained another 147 points although it is off the 300 point surge earlier, it said.
The research house said that regionally, trading on the Asian markets would remain volatile although Wall Street gain overnight may provide a temporary reprieve.
'Locally, the FBM KLCI after a 30 points gain yesterday will continue take cue from regional performances and we believe the index may edge closer to the 1,380 level today,' it said.
Meanwhile, Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Sept 28 said the FBM KLCI's resistance areas of 1,367 and 1,422 will cap market gains, whilst the obvious support areas are located at 1,310 and 1,363.
'Despite the US markets' rebound tone last night, we may see a volatile phase for the index today.
'Some late heavy foreign liquidation activities may depress the markets' today,' he said.
On Bursa Malaysia, BAT rose 40 sen to RM44.42, IJM Corp was up 32 sen to RM5.03, DiGi 26 sen to RM30.26, Gamuda and Genting Malaysia 12 sen each to RM2.86 and RM3.36, Bursa 11 sen to RM6.02 and Maybank 10 sen to RM7.97.
Takaso was the most actively traded counter with 10.2 million shares done. The stock added 1.5 sen to 15 sen.
Other actives included Asia EP, UEM Land, MRCB, Systech, AirAsia and HWGB.
Decliners included Cepco, Public Bank, Perstima, Petronas Gas and Hong Leong Bank.
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