KUALA LUMPUR (Jan 17): The FBM KLCI staged a mild recovery at the mid-morning break on Tuesday and rose in line with the steadying key regional markets.
At 10am, the FBM KLCI gained 1.94 points to 1,511.00.
Gainers led losers by 211 to 163, while 215 counters trade unchanged. Volume was 371.7 million shares valued at RM371.23 million.
Meanwhile, PROTON HOLDINGS BHD [] shares were actively traded after Khazanah Nasional Bhd finally put an end to months of speculation and announced it was divesting its 42.72% Proton stake to DRB-HICOM BHD [] for RM5.50 per share or RM1.291 billion cash.
Upon completion of the sale and purchase agreement, DRB-Hicom will be obliged to undertake a mandatory general offer on the remaining Proton shares.
Proton jumped 25 sen to RM5.43 with 40.1 million shares done.
Asian shares inched higher and the euro stayed above a 17-month trough on Tuesday as investors focused on economic data from China to gauge the impact of the euro zone debt crisis on global growth, according to Reuters.
European shares and the euro recovered on Monday, shrugging off the latest move by Standard & Poor's to cut a top-notch credit rating on the euro zone's bailout fund, following mass downgrades late last week which stripped France and Austria of their prime AAA ratings. U.S. markets were closed for a holiday on Monday, it said.
At the regional markets, Japan’s Nikkei 225 added 0.58% to 8,426.67, Hong Kong’s Hang Seng Index gained 1.49% to 19,296.20, the Shanghai Composite Index rose 0.56% to 2,218.60, Taiwan’s Taiex was up 0.85% to 7,163.78, South Korea’s Kospi rose 1.51% to 1,887.40 and Singapore’s Straits Times Index added 0.65% to 2,774.49.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Tuesday said that due to the European markets’ quiet tone last, it could be yet another benign day of trading activity on Bursa Malaysia.
“From the recent 1,310.53 low to the 1,493.28 high, the index held the 38.2% retracement level of 1,424.19.
“The market’s next swing high was located at 1,530.73 (Dec 30). Pressure is building towards the downside and a test of 1,500 is imminent,” he said.
On Bursa Malaysia, other gainers at mid-morning included Petronas Gas that rose 14 sen to RM15.48, Shell 13 sen to RM9.55, Subur Tiasa and Genting up 12 sen each to RM2.44 and RM10.68, BLD PLANTATION []s, Kretam and Malayan Flour Mills nine sen each to RM8, RM2.38 and RM7.89, while Manulife added eight sen to RM3.16.
Decliners included Genting Plantations, GAB, The Store, Tenaga, Pos Malaysia, MMHE and Fima Corp, while the actives included Proton, DRB-Hicom, Hovid, Compugates and E&O.
At 10am, the FBM KLCI gained 1.94 points to 1,511.00.
Gainers led losers by 211 to 163, while 215 counters trade unchanged. Volume was 371.7 million shares valued at RM371.23 million.
Meanwhile, PROTON HOLDINGS BHD [] shares were actively traded after Khazanah Nasional Bhd finally put an end to months of speculation and announced it was divesting its 42.72% Proton stake to DRB-HICOM BHD [] for RM5.50 per share or RM1.291 billion cash.
Upon completion of the sale and purchase agreement, DRB-Hicom will be obliged to undertake a mandatory general offer on the remaining Proton shares.
Proton jumped 25 sen to RM5.43 with 40.1 million shares done.
Asian shares inched higher and the euro stayed above a 17-month trough on Tuesday as investors focused on economic data from China to gauge the impact of the euro zone debt crisis on global growth, according to Reuters.
European shares and the euro recovered on Monday, shrugging off the latest move by Standard & Poor's to cut a top-notch credit rating on the euro zone's bailout fund, following mass downgrades late last week which stripped France and Austria of their prime AAA ratings. U.S. markets were closed for a holiday on Monday, it said.
At the regional markets, Japan’s Nikkei 225 added 0.58% to 8,426.67, Hong Kong’s Hang Seng Index gained 1.49% to 19,296.20, the Shanghai Composite Index rose 0.56% to 2,218.60, Taiwan’s Taiex was up 0.85% to 7,163.78, South Korea’s Kospi rose 1.51% to 1,887.40 and Singapore’s Straits Times Index added 0.65% to 2,774.49.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Tuesday said that due to the European markets’ quiet tone last, it could be yet another benign day of trading activity on Bursa Malaysia.
“From the recent 1,310.53 low to the 1,493.28 high, the index held the 38.2% retracement level of 1,424.19.
“The market’s next swing high was located at 1,530.73 (Dec 30). Pressure is building towards the downside and a test of 1,500 is imminent,” he said.
On Bursa Malaysia, other gainers at mid-morning included Petronas Gas that rose 14 sen to RM15.48, Shell 13 sen to RM9.55, Subur Tiasa and Genting up 12 sen each to RM2.44 and RM10.68, BLD PLANTATION []s, Kretam and Malayan Flour Mills nine sen each to RM8, RM2.38 and RM7.89, while Manulife added eight sen to RM3.16.
Decliners included Genting Plantations, GAB, The Store, Tenaga, Pos Malaysia, MMHE and Fima Corp, while the actives included Proton, DRB-Hicom, Hovid, Compugates and E&O.
