KUALA LUMPUR (Jan 19): The FBM KLCI edged up at mid-morning on Thursday but struggled to stay above the 1,520-level as pre-holiday mood kept investors on the sidelines.
The FBM KLCI rose 3.42 points to 1,520.80 at 10am.
Gainers led losers by 233 to 164, while 251 counters traded unchanged. Volume was 461.40 million shares valued at RM215.42 million.
Asian shares rose to a one-month high and the euro firmed on Thursday after news that the International Monetary Fund was seeking to boost its resources to tackle the euro zone debt crisis alleviated worries about Europe's funding difficulties, according to Reuters.
Smooth debt sales by Portugal and above-estimate earnings from Wall Street powerhouse Goldman Sachs Group Inc added to the positive mood just as investor risk-aversion has started to weaken after recent data suggested euro zone problems have not seriously derailed global economic activities, it said.
At the regional markets, Japan’s Nikkei 225 added 1.25% to 8,657.27, Hong Kong’s Hang Seng Index gained 0.63% to 19,811.50, South Korea’s Kospi added 0.73% to 1,906.24, Singapore’s Straits Times Index was up 0.46% to 2,808.20, Taiwan’s Taiex was up 0.17% to 7,233.69 and the Shanghai Composite Index was up 0.16% to 2,269.99.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to client said that the FBM KLCI’s resistance areas of 1,518 and 1,532 may cap market gains, whilst obvious support areas may be located at 1,505 and 1,516.
“Despite the US markets’ positive tone last night, we could be in for yet another range bound day of trading activity ahead of the Chinese New Year holidays,” he said.
On Bursa Malaysia, the gainers at mid-morning were led by Parkson, Aturmaju and Hong Leong Bank that rose 16 sen each to RM5.76, 74 sen and RM11.06 respectively; UMW added 14 sen to RM6.99, Petronas Gas 12 sen to RM15.40, Ekovest and Knusford 10 sen each to RM2.60 and RM1.70, while Guan Chong and BAT gained eight sen each to RM2.44 and RM49.88.
D.B.E Gurney, which was the most actively traded counter at mid-morning, was issued with an unusual market activity query by Bursa Malaysia Securities Bhd.
The stock rose half a sen to 11.5 sen with 125 million shares done.
Other actives included TMS, MBSB, BIMB, JCY, XDL and DRB-Hicom.
Decliners included Southern Acids, Nestle, MAHB, Lafarge Malayan Cement, HLFG, MISC, BHIC and Maybulk.
The FBM KLCI rose 3.42 points to 1,520.80 at 10am.
Gainers led losers by 233 to 164, while 251 counters traded unchanged. Volume was 461.40 million shares valued at RM215.42 million.
Asian shares rose to a one-month high and the euro firmed on Thursday after news that the International Monetary Fund was seeking to boost its resources to tackle the euro zone debt crisis alleviated worries about Europe's funding difficulties, according to Reuters.
Smooth debt sales by Portugal and above-estimate earnings from Wall Street powerhouse Goldman Sachs Group Inc added to the positive mood just as investor risk-aversion has started to weaken after recent data suggested euro zone problems have not seriously derailed global economic activities, it said.
At the regional markets, Japan’s Nikkei 225 added 1.25% to 8,657.27, Hong Kong’s Hang Seng Index gained 0.63% to 19,811.50, South Korea’s Kospi added 0.73% to 1,906.24, Singapore’s Straits Times Index was up 0.46% to 2,808.20, Taiwan’s Taiex was up 0.17% to 7,233.69 and the Shanghai Composite Index was up 0.16% to 2,269.99.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to client said that the FBM KLCI’s resistance areas of 1,518 and 1,532 may cap market gains, whilst obvious support areas may be located at 1,505 and 1,516.
“Despite the US markets’ positive tone last night, we could be in for yet another range bound day of trading activity ahead of the Chinese New Year holidays,” he said.
On Bursa Malaysia, the gainers at mid-morning were led by Parkson, Aturmaju and Hong Leong Bank that rose 16 sen each to RM5.76, 74 sen and RM11.06 respectively; UMW added 14 sen to RM6.99, Petronas Gas 12 sen to RM15.40, Ekovest and Knusford 10 sen each to RM2.60 and RM1.70, while Guan Chong and BAT gained eight sen each to RM2.44 and RM49.88.
D.B.E Gurney, which was the most actively traded counter at mid-morning, was issued with an unusual market activity query by Bursa Malaysia Securities Bhd.
The stock rose half a sen to 11.5 sen with 125 million shares done.
Other actives included TMS, MBSB, BIMB, JCY, XDL and DRB-Hicom.
Decliners included Southern Acids, Nestle, MAHB, Lafarge Malayan Cement, HLFG, MISC, BHIC and Maybulk.
