KUALA LUMPUR: The FBM KLCI trimmed its gains at mid-morning on Wednesday, Sept 14 in line with the cautious sentiment across the region as the Euro zone debt crisis appeared to still weigh heavily and remained a thorn for investors.
Adding to that was the Asian Development Bank trimming most of its 2011 and 2012 growth forecasts for the region despite noting that Asia's emerging economies are showing resilience in the face of the darkening global environment.
Fundamentals including sound budgets and high reserves offer a buffer for emerging economies, but there is no room for complacency, the Manila-based ADB warned in the update of its Asian Development Outlook on Wednesday, according to Reuters.
The FBM KLCI rose 2.23 points to 1,450.23 at mid-morning, lifted by gains at select blue chips. It had earlier risen to a high of 1,455.30.
Gainers led losers by 161 to 106, while 182 counters traded unchanged. Volume was thin with 72.89 million shares valued at RM75.69 million.
At the regional markets, Japan's Nikkei reversed its earlier gains and fell 0.20% to 8,599.74 and South Korea's Kospi fell 1.36% to 1,788.23.
Meanwhile, Hong Kong's Hang Seng Index gained 0.94% to 19,209.97, the Shanghai Composite Index edged up 0.20% to 2,476.24, Taiwan's Taiex was up 0.15% to 7,402.73 and Singapore's Straits Times Index added 0.87% to 2,753.04.
BIMB Securities Research in a note Sept 14 said that the 'yo-yo' sentiments continued as traders were now less concerned of the impact on European banks from the ensuing crisis that was plaguing the continent at the moment.
As a result, major European bourses rebounded from Tuesday sell-off realising gains of between 1-2% and prompted Wall Street to follow suit with a 45 point increase, it said.
The research house said that regionally, market participation had been rather mixed amid no clear market directions, adding that locally the outlook remains hazy as the FBM KLCI was flat at the close yesterday.
'However, there has been selective accumulation of blue chips which should lend support to the local bourse.
'Market undertone remains jittery after Monday's 23 point decline but we expect the benchmark index to overcome the 1,450 today with the next meaningful resistance at the 1,490 threshold,' it said.
On Bursa Malaysia at mid-morning, KLK rose 16 sen to RM21.48, Toyo Ink, BAT, Genting PLANTATION []s and Lafarge Malayan Cement added 12 sen each to RM1.44, RM43.72, RM7.37 and RM7 respectively, while Hevea, IOI Corp, Dutch Lady, Batu Kawan and PPB gained eight sen each to 63 sen, RM4.69, RM19.40, RM15.70 and RM16.86 respectively.
Takaso was the most actively traded counter with 6.48 million shares done. The stock added half a sen to 21 sen.
Other actives included GPRO, Systech, Ingenuity Solutions, Flonic, E&O and AirAsia.
Decliners included DiGi, F&N, Panasonic, Taliworks, Carlsberg, Petronas Dagangan, TDM and Pintaras.
''
Adding to that was the Asian Development Bank trimming most of its 2011 and 2012 growth forecasts for the region despite noting that Asia's emerging economies are showing resilience in the face of the darkening global environment.
Fundamentals including sound budgets and high reserves offer a buffer for emerging economies, but there is no room for complacency, the Manila-based ADB warned in the update of its Asian Development Outlook on Wednesday, according to Reuters.
The FBM KLCI rose 2.23 points to 1,450.23 at mid-morning, lifted by gains at select blue chips. It had earlier risen to a high of 1,455.30.
Gainers led losers by 161 to 106, while 182 counters traded unchanged. Volume was thin with 72.89 million shares valued at RM75.69 million.
At the regional markets, Japan's Nikkei reversed its earlier gains and fell 0.20% to 8,599.74 and South Korea's Kospi fell 1.36% to 1,788.23.
Meanwhile, Hong Kong's Hang Seng Index gained 0.94% to 19,209.97, the Shanghai Composite Index edged up 0.20% to 2,476.24, Taiwan's Taiex was up 0.15% to 7,402.73 and Singapore's Straits Times Index added 0.87% to 2,753.04.
BIMB Securities Research in a note Sept 14 said that the 'yo-yo' sentiments continued as traders were now less concerned of the impact on European banks from the ensuing crisis that was plaguing the continent at the moment.
As a result, major European bourses rebounded from Tuesday sell-off realising gains of between 1-2% and prompted Wall Street to follow suit with a 45 point increase, it said.
The research house said that regionally, market participation had been rather mixed amid no clear market directions, adding that locally the outlook remains hazy as the FBM KLCI was flat at the close yesterday.
'However, there has been selective accumulation of blue chips which should lend support to the local bourse.
'Market undertone remains jittery after Monday's 23 point decline but we expect the benchmark index to overcome the 1,450 today with the next meaningful resistance at the 1,490 threshold,' it said.
On Bursa Malaysia at mid-morning, KLK rose 16 sen to RM21.48, Toyo Ink, BAT, Genting PLANTATION []s and Lafarge Malayan Cement added 12 sen each to RM1.44, RM43.72, RM7.37 and RM7 respectively, while Hevea, IOI Corp, Dutch Lady, Batu Kawan and PPB gained eight sen each to 63 sen, RM4.69, RM19.40, RM15.70 and RM16.86 respectively.
Takaso was the most actively traded counter with 6.48 million shares done. The stock added half a sen to 21 sen.
Other actives included GPRO, Systech, Ingenuity Solutions, Flonic, E&O and AirAsia.
Decliners included DiGi, F&N, Panasonic, Taliworks, Carlsberg, Petronas Dagangan, TDM and Pintaras.
''
No comments:
Post a Comment