KUALA LUMPUR (Jan 30): Trading on the FBM KLCI remained cautious at mid-morning on Monday, in line with the subdued sentiment at key regional markets ahead of key economic data from the US as well as developments in Europe in relation to the Greece debt issues.
At mid-morning, the 30-stock index edged up 0.56 of a point to 1,521.46.
Gainers led losers by 279 to 199, while 263 counters traded unchanged. Volume was 582.43 million shares valued at RM239.19 million.
Asian shares inched lower and the euro eased from its highest in more than six weeks on Monday, as markets cautiously tuned in to a likely debt swap deal for Greece that is crucial to avoiding a messy default and eyed another European summit meeting, according to Reuters.
World stocks fell on Friday on a slower-than-expected annualised 2.8 percent growth in the U.S. economy in the last quarter of 2011, the fastest quarterly rate in 1-1/2 years, while U.S. stocks were also weighed down by disappointing corporate results, it said.
At the regional markets, Japan’s Nikkei 225 fell 0.64% to 8,784.31, Hong Kong’s Hang Seng Index was down 0.55% to 29,388.50, the Shanghai Composite Index lost 0.91% to 2,297.96, Taiwan’s Taiex rose 2.86% to 7,440.49, South Korea’s Kospi fell 0.68% to 1,951.45 while Singapore’s Straits Time Index lost 0.91% to 2,889.79.
BIMB Securities Research in a note Monday said that a slew of developments both in the US and Europe could chart the direction of global equity markets this week.
Impending economic data plus more corporate results from the US and the European Summit may well see investors stay sidelined, it said.
As such, there were some profits taking activities ahead of this week’s events with the Dow Jones Industrial Average losing 74 points last Friday, it said.
The research house said that as for Europe, most major indices ended up in the negative territory after an across the board technical rebound on Thursday.
Regionally, most major bourses continued with their uptrend buoyed possibly by prospects of more monetary easing within the region, it said.
Nonetheless, latest move by China to maintain its SRR would disappoint some market observers and trigger some profit taking today, it said.
“Domestically, the FBM KLCI maintained its range trading activities without any headway from the lack of fresh catalysts and may test the immediate support of 1,515 today.
“Nonetheless, the stronger ringgit at RM3.04 per US$1 may be a precursor of foreign funds trickling in,” it said.
On Bursa Malaysia, privatisation targets Glenealy and Lingui were among the top gainers. Glenealy jumped 65 sen to RM7.20 while Lingui added 17 sen to RM1.53.
Other gainers included GFB that added 26 sen to RM1.47, Hartalega up 25 sen to RM7.15, Malayan Flour Mills 16 sen to RM4.13, Tradewinds PLANTATION []s 14 sen to RM4.82, Pos Malaysia 13 sen to RM2.88, Sunchirin 12 sen to RM1.77 while MBM Resources and Boustead REIT added nine sen each to RM3.78 and RM1.80.
The actives included DBE Gurney, DRB-Hicom, Hubline, Privasia, Utopia while the decliners included Nestle, Maybulk, JobStreet, KLK< Boxpak, Chin Teck, Unisem and Genting.
At mid-morning, the 30-stock index edged up 0.56 of a point to 1,521.46.
Gainers led losers by 279 to 199, while 263 counters traded unchanged. Volume was 582.43 million shares valued at RM239.19 million.
Asian shares inched lower and the euro eased from its highest in more than six weeks on Monday, as markets cautiously tuned in to a likely debt swap deal for Greece that is crucial to avoiding a messy default and eyed another European summit meeting, according to Reuters.
World stocks fell on Friday on a slower-than-expected annualised 2.8 percent growth in the U.S. economy in the last quarter of 2011, the fastest quarterly rate in 1-1/2 years, while U.S. stocks were also weighed down by disappointing corporate results, it said.
At the regional markets, Japan’s Nikkei 225 fell 0.64% to 8,784.31, Hong Kong’s Hang Seng Index was down 0.55% to 29,388.50, the Shanghai Composite Index lost 0.91% to 2,297.96, Taiwan’s Taiex rose 2.86% to 7,440.49, South Korea’s Kospi fell 0.68% to 1,951.45 while Singapore’s Straits Time Index lost 0.91% to 2,889.79.
BIMB Securities Research in a note Monday said that a slew of developments both in the US and Europe could chart the direction of global equity markets this week.
Impending economic data plus more corporate results from the US and the European Summit may well see investors stay sidelined, it said.
As such, there were some profits taking activities ahead of this week’s events with the Dow Jones Industrial Average losing 74 points last Friday, it said.
The research house said that as for Europe, most major indices ended up in the negative territory after an across the board technical rebound on Thursday.
Regionally, most major bourses continued with their uptrend buoyed possibly by prospects of more monetary easing within the region, it said.
Nonetheless, latest move by China to maintain its SRR would disappoint some market observers and trigger some profit taking today, it said.
“Domestically, the FBM KLCI maintained its range trading activities without any headway from the lack of fresh catalysts and may test the immediate support of 1,515 today.
“Nonetheless, the stronger ringgit at RM3.04 per US$1 may be a precursor of foreign funds trickling in,” it said.
On Bursa Malaysia, privatisation targets Glenealy and Lingui were among the top gainers. Glenealy jumped 65 sen to RM7.20 while Lingui added 17 sen to RM1.53.
Other gainers included GFB that added 26 sen to RM1.47, Hartalega up 25 sen to RM7.15, Malayan Flour Mills 16 sen to RM4.13, Tradewinds PLANTATION []s 14 sen to RM4.82, Pos Malaysia 13 sen to RM2.88, Sunchirin 12 sen to RM1.77 while MBM Resources and Boustead REIT added nine sen each to RM3.78 and RM1.80.
The actives included DBE Gurney, DRB-Hicom, Hubline, Privasia, Utopia while the decliners included Nestle, Maybulk, JobStreet, KLK< Boxpak, Chin Teck, Unisem and Genting.
