KUALA LUMPUR: The FBM KLCI snapped out of its two-day losing streak and advanced, albeit in thin trade on Wednesday, Sept 7 in line with the gains at its regional peers.
Asian stocks snapped a three-day streak of losses on Wednesday as short-covering helped prop up benchmarks, and the euro edged up against the dollar as traders covered some bets against the common currency after a sharp overnight fall, according to Reuters.
Meanwhile, an unexpected jump in U.S. services sector index, however, helped stocks on Wall Street pare losses into the close and end down less than 1%, it said.
The Institute for Supply Management's non-manufacturing index rose to 53.3 last month from 52.7 in July. That topped a median forecast of a 51.0 reading in a Reuters poll, it said.
The FBMKLCI added 4.54 points to 1,458.91 at 10am, lifted by gains at select blue chips.
Gainers led losers by 172 to 105, while 182 counters traded unchanged. Volume was 89.19 million shares valued at RM124.42 million.
At the regional markets, Japan's Nikkei 225 rose 1.44% to 8,714.59, Hong Kong's Hang Seng Index added 0.73% to 19,854.60, the Shanghai Composite Index up 0.66% to 2,486.92, Taiwan's Taiex rose 1.07% to 7,445.76, South Korea's Kospi jumped 2.77% to 1,815.63 and Singapore's Straits Times Index was up 1.02% to 2,802.72.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients Sept 7 said that due to the European markets' weaker tone last night, the local bourse would be in a softer mode today.
Some further liquidation activities may persist to depress the market's rebound from its recent 1,423.47 low, he said.
'Sell on rallies and keep a larger cash pile for now. In the longer-term, we foresee an eventual move to 1,378.66. As the KLCI's rebound surpassed 1,495.05 recently, other retracement cluster levels like 1,510.27 and 1,511.91 had capped the index's rise on aug 16.
'As such, we believe the KLCO traced out a minor 'Rising Wedge' rebound from 1,423/47 to the high of 1,510.54. we have broken below its 'Rising Wedge' pattern and there could be further downside and price volatility today as selling activities prevail and investors dispose positions on Eurozone debt worries,' he said.
Among the gainers at mid-morning, Cycle & Carriage added 28 sen to RM3.48, Uzma'' and RHB Capital up 19 sen each to RM1.88 and RM8.44, PPB 18 sen to RM16.88, Petronas Gas and KLK 16 sen each to RM13.26 and RM 21.46, MISC 15 sen to RM7.19, Esso 13 sen to RM3.80 while Tradewinds and Lafarge Malayan Cement rose 10 sen each to RM8.96 and RM6.95.
E&O was the most actively traded counter with 7.83 million shares done. The stock declined one sen to RM1.75.
Other actives included Takaso, Eden, DVM, Axiata, Timecom and Ramunia.
Decliners included Perduren that fell 23.6 sen to 76.5 sen, HLFG 12 sen to RM11.38, PacificMas 11 sen to RM3.40, MPI eight sen to RM3.28, Guan Chong, MBMR, MBMR, MMC Corp and IJM PLANTATION []s down five sen each to RM2.60, RM3, RM2.55 and RM2.65 respectively, while Sunchirin lost four sen to RM1.41.
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Asian stocks snapped a three-day streak of losses on Wednesday as short-covering helped prop up benchmarks, and the euro edged up against the dollar as traders covered some bets against the common currency after a sharp overnight fall, according to Reuters.
Meanwhile, an unexpected jump in U.S. services sector index, however, helped stocks on Wall Street pare losses into the close and end down less than 1%, it said.
The Institute for Supply Management's non-manufacturing index rose to 53.3 last month from 52.7 in July. That topped a median forecast of a 51.0 reading in a Reuters poll, it said.
The FBMKLCI added 4.54 points to 1,458.91 at 10am, lifted by gains at select blue chips.
Gainers led losers by 172 to 105, while 182 counters traded unchanged. Volume was 89.19 million shares valued at RM124.42 million.
At the regional markets, Japan's Nikkei 225 rose 1.44% to 8,714.59, Hong Kong's Hang Seng Index added 0.73% to 19,854.60, the Shanghai Composite Index up 0.66% to 2,486.92, Taiwan's Taiex rose 1.07% to 7,445.76, South Korea's Kospi jumped 2.77% to 1,815.63 and Singapore's Straits Times Index was up 1.02% to 2,802.72.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients Sept 7 said that due to the European markets' weaker tone last night, the local bourse would be in a softer mode today.
Some further liquidation activities may persist to depress the market's rebound from its recent 1,423.47 low, he said.
'Sell on rallies and keep a larger cash pile for now. In the longer-term, we foresee an eventual move to 1,378.66. As the KLCI's rebound surpassed 1,495.05 recently, other retracement cluster levels like 1,510.27 and 1,511.91 had capped the index's rise on aug 16.
'As such, we believe the KLCO traced out a minor 'Rising Wedge' rebound from 1,423/47 to the high of 1,510.54. we have broken below its 'Rising Wedge' pattern and there could be further downside and price volatility today as selling activities prevail and investors dispose positions on Eurozone debt worries,' he said.
Among the gainers at mid-morning, Cycle & Carriage added 28 sen to RM3.48, Uzma'' and RHB Capital up 19 sen each to RM1.88 and RM8.44, PPB 18 sen to RM16.88, Petronas Gas and KLK 16 sen each to RM13.26 and RM 21.46, MISC 15 sen to RM7.19, Esso 13 sen to RM3.80 while Tradewinds and Lafarge Malayan Cement rose 10 sen each to RM8.96 and RM6.95.
E&O was the most actively traded counter with 7.83 million shares done. The stock declined one sen to RM1.75.
Other actives included Takaso, Eden, DVM, Axiata, Timecom and Ramunia.
Decliners included Perduren that fell 23.6 sen to 76.5 sen, HLFG 12 sen to RM11.38, PacificMas 11 sen to RM3.40, MPI eight sen to RM3.28, Guan Chong, MBMR, MBMR, MMC Corp and IJM PLANTATION []s down five sen each to RM2.60, RM3, RM2.55 and RM2.65 respectively, while Sunchirin lost four sen to RM1.41.
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