Thursday, 8 March 2012

KLCI stages slight rebound at mid-morning

KUALA LUMPUR (March 8): The FBM KLCI ticked upward at mid-morning on Thursday, in line with the gains at key regional markets following the firmer overnight close at Wall Street and European markets.

Asian shares and the euro recovered on Thursday on brightening prospects for Greece to secure a crucial bond swap to avoid a messsy default and U.S. data suggesting a recovery in the labour market ahead of key jobs figure, according to Reuters.

Greece's debt swap deal and Friday's U.S. nonfarm payrolls data are seen as a test case for gauging whether markets can build on the optimism of recent months and overcome patchy growth figures which have dented sentiment, it said.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients Thursday said that despite the US market’s rebound last night, the local bourse could be in for a range-bound day.

“From the 1,310.53 low (Sept 2011), the market burst past its 1,530.73 resistance to stall just short of the 1,596.08 all-time high, at 1,594.72.

“Bearish divergence is ample and despite the DJIA’s overnight rebound, today’s minor rise could be a great opportunity to selli in the initial “Dead Cat BOUnce”, he said.

Lee said some of the trading stocks favoured by Maybank IB Research included BUMI Armada, Brahims, Dayang, JOHORe Tin, Telekom and Zelan.

On Bursa Malaysia, the FBM KLCI edged up 2.66 points to 1,577.49 at 10.30am, lifted by gains at select blue chips.

Gainers led losers by 166 to 270, while 271 counters traded unchanged. Volume was 480.79 million shares valued at RM338.90 million.

At the regional markets, Japan’s Nikkei rose1.06% to 89677.5, HONG KONG’s Hang Seng Index adde 0.47% to 20,725.00, the Shanghai Composite Index gained 0.61% to 2,409.44, Taiwan’s Taiex added 0.29% to 7,926.16, South Korea’s Kospi edged up 0.09% to 1,983.97 and Singapore’s Straits Times Index up 0.78% to 2,935.94.

Among the gainsrs, SPK added 11.5 sen tp 41.5 sen, Sungei Bagan up 11 sen to RM2.99, Carlsberg, Takaful and Petronas Gas up 10 sen each to RM10.50, RM2.28 and RM16.82 respectively, Sime Darby up nine sen to RM9.89, United PLANTATION []s, TONG Herr eight sen each to RM24.48 and RM2.44, while Orient rose seven sen to RM6.35.

Naim Indah CORP was the most actively traded counter with 131.1 milliion shares done. The stock fell one sen to 64.5 sen.

Other actives included HWGB shares and warrants, IRios Corp, Asia Media, Winsun, CSL< IFCA MSC and Gocean.

Among the decliners this morning, LYsaght fell 32 sen to RM2.08, HONG Leong Bank and KLK dow eight sen each to RM12.30 and RM23.20, Perduren 5.5 sen to 75 sen, Sunchirin, Merge, NOTion warrants, Tecnic and CBIP added four sen each to RM1.36, 23 sen, 42.5 sen, RM3.68 and RM2.43 respectively.

Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or for more details.
Related Posts Plugin for WordPress, Blogger...