KUALA LUMPUR (Jan 18): The FBM KLCI slipped into negative territory at mid-morning on Wednesday on mild profit taking as investors began squaring off positions ahead of the extended weekend to celebrate the Chinese New Year next week.
At 10am, the FBM KLCI fell 2.19 points to 1,517.17, weighed by select blue chips.
Gainers edged losers by 209 to 185, while 229 counters traded unchanged. Volume was 361.96 million shares valued at RM185.82 million.
Asian shares and the euro steadied on Wednesday after sentiment improved on soothing economic data the day before, as focus returns to Europe with Portugal testing investor confidence in a debt sale and Greece resumes talks on its debt restructuring, according to Reuters.
European equities hit their highest in more than five months while gains in U.S. stocks were pared on Tuesday after Citigroup Inc reported an 11 percent drop in quarterly profit, as the European crisis battered capital markets and hurt the bank's trading revenue and fee-generating deals, it said.
At the regional markets, Japan’s Nikkei 225 rose 0.11% to 8,476.12, Hong Kong’s Hang Seng Index added 0.14% to 19,654.70, the Shanghai Composite Index was up 0.17% to 2,302.31 and Taiwan’s Taiex gained 0.24% to 7,238.25.
Meanwhile, South Korea’s Kospi fell 0.22% to 1,888.53 and Singapore’s Straits Times Index shed 0.19% to 2,810.36.
BIMB Securities Research in note Jan 18 said that investors’ risk appetite had expanded, adding that despite the looming Greece debt default and the recent downgrade of some European credit ratings, equity markets both in the US and Europe advanced buoyed by positive economic news.
Unlike previously, the positives now carry higher multiplier effects than the negatives, it said.
Reflecting the improved sentiments, yields of Italy, Germany and Spain had all declined, it said.
The research house said most European bourses closed higher overnight with the Dow Jones Industrial Average upped 60 points despite off its intra-day high.
Regional performances were also on a high with most ended the day on positive tone possibly from improved opening over in Europe, it said.
“Locally, the FBM KLCI rose 10 points yesterday to close above its immediate resistance of 1,515 at 1,519.36.
“We reckon there are funds out there snapping at equities on weakness and see the index to remain resilient. We may see the next immediate resistance of 1,525 level breached today,” it said.
On Bursa Malaysia, Petronas Dagangan was the top loser at mid-morning and fell 34 sen to RM17.16; Ireka and Eupe fell 13 sen each to 66 sen and 50 sen, Tenaga down 12 sen to RM6.11, Malayan Flour Mills and Maybank nine sen each to RM7.68 and RM8.20, United PLANTATION []s and PPB six sen each to RM20 and RM16.94, while Sapura Industrial and Delloyd fell five sen each to RM1.40 and RM3.38.
DBE Gurney was the most actively trade counter with 49.3 million shares done. The stock gained one sen to 10 sen.
Other actives included XDL, E&O, BIMB, Compugates, Mudajaya and Maybulk.
Gainers at mid-morning included BAT, Sungei Bagan, Batu Kawan, HLFG, Carlsberg, Parkson, Genting, CCM and Mudajaya.
At 10am, the FBM KLCI fell 2.19 points to 1,517.17, weighed by select blue chips.
Gainers edged losers by 209 to 185, while 229 counters traded unchanged. Volume was 361.96 million shares valued at RM185.82 million.
Asian shares and the euro steadied on Wednesday after sentiment improved on soothing economic data the day before, as focus returns to Europe with Portugal testing investor confidence in a debt sale and Greece resumes talks on its debt restructuring, according to Reuters.
European equities hit their highest in more than five months while gains in U.S. stocks were pared on Tuesday after Citigroup Inc reported an 11 percent drop in quarterly profit, as the European crisis battered capital markets and hurt the bank's trading revenue and fee-generating deals, it said.
At the regional markets, Japan’s Nikkei 225 rose 0.11% to 8,476.12, Hong Kong’s Hang Seng Index added 0.14% to 19,654.70, the Shanghai Composite Index was up 0.17% to 2,302.31 and Taiwan’s Taiex gained 0.24% to 7,238.25.
Meanwhile, South Korea’s Kospi fell 0.22% to 1,888.53 and Singapore’s Straits Times Index shed 0.19% to 2,810.36.
BIMB Securities Research in note Jan 18 said that investors’ risk appetite had expanded, adding that despite the looming Greece debt default and the recent downgrade of some European credit ratings, equity markets both in the US and Europe advanced buoyed by positive economic news.
Unlike previously, the positives now carry higher multiplier effects than the negatives, it said.
Reflecting the improved sentiments, yields of Italy, Germany and Spain had all declined, it said.
The research house said most European bourses closed higher overnight with the Dow Jones Industrial Average upped 60 points despite off its intra-day high.
Regional performances were also on a high with most ended the day on positive tone possibly from improved opening over in Europe, it said.
“Locally, the FBM KLCI rose 10 points yesterday to close above its immediate resistance of 1,515 at 1,519.36.
“We reckon there are funds out there snapping at equities on weakness and see the index to remain resilient. We may see the next immediate resistance of 1,525 level breached today,” it said.
On Bursa Malaysia, Petronas Dagangan was the top loser at mid-morning and fell 34 sen to RM17.16; Ireka and Eupe fell 13 sen each to 66 sen and 50 sen, Tenaga down 12 sen to RM6.11, Malayan Flour Mills and Maybank nine sen each to RM7.68 and RM8.20, United PLANTATION []s and PPB six sen each to RM20 and RM16.94, while Sapura Industrial and Delloyd fell five sen each to RM1.40 and RM3.38.
DBE Gurney was the most actively trade counter with 49.3 million shares done. The stock gained one sen to 10 sen.
Other actives included XDL, E&O, BIMB, Compugates, Mudajaya and Maybulk.
Gainers at mid-morning included BAT, Sungei Bagan, Batu Kawan, HLFG, Carlsberg, Parkson, Genting, CCM and Mudajaya.
