KUALA LUMPUR (Dec 20): The FBM KLCI drifted lower at mid-morning on Tuesday, while key regional markets rebounded from their losses on Monday and edged up marginally higher.
At 10am, the FBM KLCI fell 3.25 points to 1,474.53.
Losers overtook gainers by 196 to 193, while 206 counters traded unchanged. Volume was 343.70 million shares valued at RM153.13 million.
Asian stocks and the euro steadied on Tuesday, but sentiment remained fragile on concerns that efforts to contain the euro zone debt crisis were faltering and tougher rules to strengthen banks' capital would further undermine their profits, according to Reuters.
Sentiment in Asia was already risk-averse, after the death of North Korea leader Kim Jong-il raised fears of regional instability and prompted investors to pull money out of riskier assets and into the safe-haven dollar on Monday, it said.
At the regional markets, Japan’s Nikkei 225 rose 0.61% to 8,346.49, Hong Kong’s Hang Seng Index added 0.83% to 18,219.62, Taiwan’s Taiex added 0.61% to 6,673.58, South Korea’s Kospi gained 0.98% to 1,794.28 and Singapore’s Straits Times Index edged up 0.21% to 2,623.67.
Maybank Investment Bank Bhd head of retail research Lee Cheng Hooi in a note to clients on Tuesday said the FBM KLCI’s resistance areas of 1,478 and 1,500 would cap market gains, whilst the weaker support areas maybe located at 1,460 and 1,476.
“Despite the US markets’ poorer tone last night, we may have a day of further windo- dressing on the local index today.
“Do liquidate on rallies (including the current window-dressing phase), as the holiday and year-end season approaches,” he said.
On Bursa Malaysia, PPB lost 32 sen to RM16.88, BAT and HLFG fell 20 sen each to RM49.20 and RM11.50, Top Glove and YTL Cement fell 11 sen each to RM4.37 and RM4.49, while Sarawak Oil Palms, Petronas Gas and KLK lost 10 sen each to RM5.40, RM14 and RM21.90 respectively.
Utopia was the most actively traded counter with 29.2 million shares done. The stock added half a sen to 11 sen.
Other actives included JCY, Zelan, Astral Supreme, and Gamuda and UEM Land warrants.
The gainers included Dutch Lady, Panasonic, KrisAssets, Petronas Dagangan, Toyo Ink, UEM Land, Faber and KAF.
At 10am, the FBM KLCI fell 3.25 points to 1,474.53.
Losers overtook gainers by 196 to 193, while 206 counters traded unchanged. Volume was 343.70 million shares valued at RM153.13 million.
Asian stocks and the euro steadied on Tuesday, but sentiment remained fragile on concerns that efforts to contain the euro zone debt crisis were faltering and tougher rules to strengthen banks' capital would further undermine their profits, according to Reuters.
Sentiment in Asia was already risk-averse, after the death of North Korea leader Kim Jong-il raised fears of regional instability and prompted investors to pull money out of riskier assets and into the safe-haven dollar on Monday, it said.
At the regional markets, Japan’s Nikkei 225 rose 0.61% to 8,346.49, Hong Kong’s Hang Seng Index added 0.83% to 18,219.62, Taiwan’s Taiex added 0.61% to 6,673.58, South Korea’s Kospi gained 0.98% to 1,794.28 and Singapore’s Straits Times Index edged up 0.21% to 2,623.67.
Maybank Investment Bank Bhd head of retail research Lee Cheng Hooi in a note to clients on Tuesday said the FBM KLCI’s resistance areas of 1,478 and 1,500 would cap market gains, whilst the weaker support areas maybe located at 1,460 and 1,476.
“Despite the US markets’ poorer tone last night, we may have a day of further windo- dressing on the local index today.
“Do liquidate on rallies (including the current window-dressing phase), as the holiday and year-end season approaches,” he said.
On Bursa Malaysia, PPB lost 32 sen to RM16.88, BAT and HLFG fell 20 sen each to RM49.20 and RM11.50, Top Glove and YTL Cement fell 11 sen each to RM4.37 and RM4.49, while Sarawak Oil Palms, Petronas Gas and KLK lost 10 sen each to RM5.40, RM14 and RM21.90 respectively.
Utopia was the most actively traded counter with 29.2 million shares done. The stock added half a sen to 11 sen.
Other actives included JCY, Zelan, Astral Supreme, and Gamuda and UEM Land warrants.
The gainers included Dutch Lady, Panasonic, KrisAssets, Petronas Dagangan, Toyo Ink, UEM Land, Faber and KAF.
