KUALA LUMPUR (March 13): The FBM KLCI stayed in positive territory at the mid-day break on Tuesday, in line with the modest gains at key regional markets.
The FBM KLCI was up 2.24 points to 1,566.99 at the mid-day break. However, the broader market turned weaker with losers overtaking gainers by 355 to 241, while 246 counters traded unchanged. Volume was 484.42 million shares valued at RM528.11 million.
The ringgit strengthened 0.28% to 3.0233 versus the US dollar; crude palm oil futures for the third month delivery rose RM28 to RM3,348 per tonne, US light crude oil added 59 cents per barrel to US$106.93, while gold gained US$2.18 an ounce to US$1,703.50.
Meanwhile, Asian stocks rose to their highest in a week, while the dollar hovered below an 11-month high against the yen on Tuesday, supported by recent signs of improvement in the U.S. economy, ahead of a policy decision by the Federal Reserve, according to Reuters.
Bank of Japan's policy meeting, which began on Monday, will also remain in focus. The bank is expected to hold rates as the economic outlook and risks have not changed much since its last meeting nearly a month ago, it said.
A the regional markets, Japan’s Nikkei 225 gained 0.40% to 9,889.86, Hong Kong’s Hang Seng Index added 0.23% to 21,134.10 and the Singapore Straits Times Indx0.11% to 2,966.55.
However, the Shanghai Composite Index shed 0.19% to 2,434.86, Taiwan’s Taiex fell 1.10% to 7,927.55 and South Korea’s Kospi was down 0.78% To 2,002.50.
BIMB Securities Research in a note on Tuesday said investors would remain sidelined attributed to the lack of fresh catalysts especially after the 14 point decline on the KLCI on Monday.
Now that a Greece tragedy has been averted, attention will now be fixed on the fundamentals and economic progress of both the US and Eurozone, it said.
Following the rather sharp 14 point decline to just below the 1,565 support level on Monday, BIMB Research said it had expected some reversal on Tuesday and that the KLCI might test the immediate 1,570.
On Bursa Malayasia, BAT was the top gainer and rose 80 sen to RM52.80, TAHP 20 sen to RM5, Tradewinds PLANTATION []s 16 sen to RM4.71, Manulife, Sin Heng Chan and Petronas Chemicals rose 13 sen each to RM3.52, RM93.5 sen and RM6.69 respectively, GAB eight sen to RM13.38 and TSH seven to RM2.26.
Naim Indah Corp was the most active with 68.9 million shares done. The stock fell half a sen to 72 sen.
Other actives included Winsun, YTL, Takaso, Tiger Synergy, XDL, Sanichi, Sumatec and HWGB.
Decliners included Nestle, Theta warrants, Allianz warrants, United Plantations, MISC, Shell, Orient, BLD Plantations, Tradewinds and Southern Steel.
The FBM KLCI was up 2.24 points to 1,566.99 at the mid-day break. However, the broader market turned weaker with losers overtaking gainers by 355 to 241, while 246 counters traded unchanged. Volume was 484.42 million shares valued at RM528.11 million.
The ringgit strengthened 0.28% to 3.0233 versus the US dollar; crude palm oil futures for the third month delivery rose RM28 to RM3,348 per tonne, US light crude oil added 59 cents per barrel to US$106.93, while gold gained US$2.18 an ounce to US$1,703.50.
Meanwhile, Asian stocks rose to their highest in a week, while the dollar hovered below an 11-month high against the yen on Tuesday, supported by recent signs of improvement in the U.S. economy, ahead of a policy decision by the Federal Reserve, according to Reuters.
Bank of Japan's policy meeting, which began on Monday, will also remain in focus. The bank is expected to hold rates as the economic outlook and risks have not changed much since its last meeting nearly a month ago, it said.
A the regional markets, Japan’s Nikkei 225 gained 0.40% to 9,889.86, Hong Kong’s Hang Seng Index added 0.23% to 21,134.10 and the Singapore Straits Times Indx0.11% to 2,966.55.
However, the Shanghai Composite Index shed 0.19% to 2,434.86, Taiwan’s Taiex fell 1.10% to 7,927.55 and South Korea’s Kospi was down 0.78% To 2,002.50.
BIMB Securities Research in a note on Tuesday said investors would remain sidelined attributed to the lack of fresh catalysts especially after the 14 point decline on the KLCI on Monday.
Now that a Greece tragedy has been averted, attention will now be fixed on the fundamentals and economic progress of both the US and Eurozone, it said.
Following the rather sharp 14 point decline to just below the 1,565 support level on Monday, BIMB Research said it had expected some reversal on Tuesday and that the KLCI might test the immediate 1,570.
On Bursa Malayasia, BAT was the top gainer and rose 80 sen to RM52.80, TAHP 20 sen to RM5, Tradewinds PLANTATION []s 16 sen to RM4.71, Manulife, Sin Heng Chan and Petronas Chemicals rose 13 sen each to RM3.52, RM93.5 sen and RM6.69 respectively, GAB eight sen to RM13.38 and TSH seven to RM2.26.
Naim Indah Corp was the most active with 68.9 million shares done. The stock fell half a sen to 72 sen.
Other actives included Winsun, YTL, Takaso, Tiger Synergy, XDL, Sanichi, Sumatec and HWGB.
Decliners included Nestle, Theta warrants, Allianz warrants, United Plantations, MISC, Shell, Orient, BLD Plantations, Tradewinds and Southern Steel.
