KUALA LUMPUR (Jan 31): The FBM KLCI extended its losses at mid-morning on Tuesday, albeit marginally as investors stayed on the sidelines ahead of the Federal Territories day holiday on Wednesday that would see the local stock market closed.
The FBM KLCI shed 1.31 points to 1,512.24 at mid-morning, weighed by select blue chips.
Gainers trailed losers by 206 to 214, while 263 counters traded unchanged. Volume was 336.38 million shares valued at RM209.43 million.
Meanwhile, Asian shares and the euro struggled on Tuesday as stumbling talks on Greek debt restructuring reignited concerns over funding in other highly indebted countries, with markets starting to worry that Portugal might need a second bailout, according to Reuters.
At the regional markets, Japan’s Nikkei rose 0.43% to 8,831.00, Hong Kong’s Hang Seng Index up 0.93% to 20,348.00, the Shanghai Composite Index gained 0.41% to 2,294.42, Taiwan’s Taiex rose 0.85% to 7,470.51, South Korea’s Kospi added 0.88% to 1,957.55 and Singapore’s Straits Times Index edged up 0.13% to 2,891.94.
BIMB Securities Research on Tuesday said that unresolved negotiation over Greece’s debt remains as the main obstacle for many equity markets.
There was some progress within the EU as most countries had signed a financial pact to strengthen the region’s financial standing, it said in a note.
It said investors were now more risks tolerant as many would still prefer to accumulate stocks on weaknesses, as reflected by the Dow Jones Industrial Average’s intra-day rebound erasing earlier losses to end the session 7 points lower.
The research house said as for European bourses, selling continued to hinder performances as most closed lower.
As expected, regional bourses succumbed to bouts of profit taking following a weak opening in Europe with no fresh catalysts in sight, it said.
“For Malaysia, the FBM KLCI broke its immediate resistance of 1,515 to end the day with a 7 points loss at 1,513.
“We expect the index to remain rather flat today from the lack of fresh leads,” it said.
Meanwhile, Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients Tuesday said the FBM KLCI’s resistance areas of 1,513 and 1,530 would cap market gains, whilst weaker support areas may be located at 1,493 and 1,510.
“Due to the US markets’ mildly negative tone last night, we could be in for yet another range bound trading day before the City Day holiday tomorrow,” he said.
On Bursa Malaysia, BAT was the top loser at mid-morning and fell 28 sen to RM49.10; PPB fell 18 sen to RM16.72, Perstima 13 sen to RM3.77, MPI 12 she to RM3.56, Hong Leong Bank 10 sen to RM11.40, JobStreet, Tenaga and Petronas Dagangan down eight sen each to RM2.10, RM5.89 and RM17.62, while TSR Capital fell six sen to 87 sen.
Gainers included Glenealy, Malayan Flour Mills, Petronas Gas, Mudajaya, Coastal Contracts, Triplc, Plenitude, CBIP and Aeon, while the actives included DBE Gurney, DRB-Hicom, TMS, Maybulk, Mudajaya and Coastal warrants.
The FBM KLCI shed 1.31 points to 1,512.24 at mid-morning, weighed by select blue chips.
Gainers trailed losers by 206 to 214, while 263 counters traded unchanged. Volume was 336.38 million shares valued at RM209.43 million.
Meanwhile, Asian shares and the euro struggled on Tuesday as stumbling talks on Greek debt restructuring reignited concerns over funding in other highly indebted countries, with markets starting to worry that Portugal might need a second bailout, according to Reuters.
At the regional markets, Japan’s Nikkei rose 0.43% to 8,831.00, Hong Kong’s Hang Seng Index up 0.93% to 20,348.00, the Shanghai Composite Index gained 0.41% to 2,294.42, Taiwan’s Taiex rose 0.85% to 7,470.51, South Korea’s Kospi added 0.88% to 1,957.55 and Singapore’s Straits Times Index edged up 0.13% to 2,891.94.
BIMB Securities Research on Tuesday said that unresolved negotiation over Greece’s debt remains as the main obstacle for many equity markets.
There was some progress within the EU as most countries had signed a financial pact to strengthen the region’s financial standing, it said in a note.
It said investors were now more risks tolerant as many would still prefer to accumulate stocks on weaknesses, as reflected by the Dow Jones Industrial Average’s intra-day rebound erasing earlier losses to end the session 7 points lower.
The research house said as for European bourses, selling continued to hinder performances as most closed lower.
As expected, regional bourses succumbed to bouts of profit taking following a weak opening in Europe with no fresh catalysts in sight, it said.
“For Malaysia, the FBM KLCI broke its immediate resistance of 1,515 to end the day with a 7 points loss at 1,513.
“We expect the index to remain rather flat today from the lack of fresh leads,” it said.
Meanwhile, Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients Tuesday said the FBM KLCI’s resistance areas of 1,513 and 1,530 would cap market gains, whilst weaker support areas may be located at 1,493 and 1,510.
“Due to the US markets’ mildly negative tone last night, we could be in for yet another range bound trading day before the City Day holiday tomorrow,” he said.
On Bursa Malaysia, BAT was the top loser at mid-morning and fell 28 sen to RM49.10; PPB fell 18 sen to RM16.72, Perstima 13 sen to RM3.77, MPI 12 she to RM3.56, Hong Leong Bank 10 sen to RM11.40, JobStreet, Tenaga and Petronas Dagangan down eight sen each to RM2.10, RM5.89 and RM17.62, while TSR Capital fell six sen to 87 sen.
Gainers included Glenealy, Malayan Flour Mills, Petronas Gas, Mudajaya, Coastal Contracts, Triplc, Plenitude, CBIP and Aeon, while the actives included DBE Gurney, DRB-Hicom, TMS, Maybulk, Mudajaya and Coastal warrants.
