KUALA LUMPUR: The FBM KLCI snapped its three-day losing streak on Tuesday, Sept 27 and rose at mid-morning, lifted by bargain hunting at select blue chips, in line with gains at regional markets.
Analysts, however, are cautious and said gains at the local bourse could be limited given the still uncertain external factors which had caused the FBM KLCI to lose as much as 87.24 points over the past three trading days.
At 10am, the FBM KLCI was up 14.46 points to 1,346.26. Gainers led losers by 370 to 91, while 169 counters traded unchanged. Volume was 146.41 million shares valued at RM207.77 million.
At the regional markets, Hong Kong's Hang Seng Index rose 2.11% to 17,774.61, Japan's Nikkei 225 added 1.80% to 8,524.56, South Korea's Kospi jumped 3.65% to 1,713.03, Taiwan's Taiex gained 3.03% to 7,085.74, Singapore's Straits Times Index rose 1.40% to 2,691.38 and the Shanghai Composite Index edged up 0.64% to 2,408.39.
BIMB Securities Research said fickle minded investors were now betting on a possible solution for Euro zone on hopes that the European Financial Stability Fund was on track to solve the outstanding financial crisis that is plaguing the world at the moment.
Buoyed by such optimism, Wall Street surged by 272 points to close the session above the 11,000 level, it said in a note Sept 27.
For Asian bourses, after what was another bloodbath where Thailand lost more 5%, selling on Asian equities was expected to subside, it said.
'Locally, having broken one support level after another the FBMKLCI saw some late buying support although we do not expect it to be strong.
'Despite the surge on Wall Street, participation is seen to remain tepid as damage on confidence has already been done. We expect some bumpy rides ahead with the 1,340-50 levels being the next target at this juncture,' it said.
Among the gainers on Bursa Malaysia at mid-morning, Malayan Flour Mills added 30 sen to RM6.62, KLK 28 sen to RM19.84, Maybank 26 sen to RM7.77, Vitrox 25.5 sen to RM1.12, Lafarge Malayan Cement 25 sen to RM6.45, Shell 20 sen to RM9.80, MISC 19 sen to RM5.84, Parkson 17 sen to RM5.16, Nilai 15 sen to RM1.22 and LPI Capital 14 sen to RM11.70.
Timecom was the most actively traded counter with 6.03 million shares done. The stock added 1.5 sen to 44.5 sen.
Other actives included UEM Land, Takaso, Systech, Maybank, E&O, Petronas Chemicals and MRCB.
Meanwhile, losers included BAT, Nestle, Rimbunan Sawit, PLB, MPI and George Kent.
Analysts, however, are cautious and said gains at the local bourse could be limited given the still uncertain external factors which had caused the FBM KLCI to lose as much as 87.24 points over the past three trading days.
At 10am, the FBM KLCI was up 14.46 points to 1,346.26. Gainers led losers by 370 to 91, while 169 counters traded unchanged. Volume was 146.41 million shares valued at RM207.77 million.
At the regional markets, Hong Kong's Hang Seng Index rose 2.11% to 17,774.61, Japan's Nikkei 225 added 1.80% to 8,524.56, South Korea's Kospi jumped 3.65% to 1,713.03, Taiwan's Taiex gained 3.03% to 7,085.74, Singapore's Straits Times Index rose 1.40% to 2,691.38 and the Shanghai Composite Index edged up 0.64% to 2,408.39.
BIMB Securities Research said fickle minded investors were now betting on a possible solution for Euro zone on hopes that the European Financial Stability Fund was on track to solve the outstanding financial crisis that is plaguing the world at the moment.
Buoyed by such optimism, Wall Street surged by 272 points to close the session above the 11,000 level, it said in a note Sept 27.
For Asian bourses, after what was another bloodbath where Thailand lost more 5%, selling on Asian equities was expected to subside, it said.
'Locally, having broken one support level after another the FBMKLCI saw some late buying support although we do not expect it to be strong.
'Despite the surge on Wall Street, participation is seen to remain tepid as damage on confidence has already been done. We expect some bumpy rides ahead with the 1,340-50 levels being the next target at this juncture,' it said.
Among the gainers on Bursa Malaysia at mid-morning, Malayan Flour Mills added 30 sen to RM6.62, KLK 28 sen to RM19.84, Maybank 26 sen to RM7.77, Vitrox 25.5 sen to RM1.12, Lafarge Malayan Cement 25 sen to RM6.45, Shell 20 sen to RM9.80, MISC 19 sen to RM5.84, Parkson 17 sen to RM5.16, Nilai 15 sen to RM1.22 and LPI Capital 14 sen to RM11.70.
Timecom was the most actively traded counter with 6.03 million shares done. The stock added 1.5 sen to 44.5 sen.
Other actives included UEM Land, Takaso, Systech, Maybank, E&O, Petronas Chemicals and MRCB.
Meanwhile, losers included BAT, Nestle, Rimbunan Sawit, PLB, MPI and George Kent.
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