KUALA LUMPUR (March 28): Gains were limited for the FBM KLCI at mid-morning on Wednesday in line with the tepid trade at key after US stocks retreated from near four-year peaks on Tuesday.
At 10.05am, the FBM KLCI edged up 1.32 points to 1,589. Gainers trailed losers by 169 to 213, while 223 counters traded unchanged. Volume was 386.01 million shares valued at RM126.19 million.
Asian shares drifted lower on Wednesday as investors waited for more clues on the state of the U.S. economy, after hopes for further stimulus from the U.S. Federal Reserve strengthened risk appetite and lifted prices the previous session, according to Reuters.
At the regional markets, Japan’s Nikkei 225 fell 0.95% to 10,158.20, Hong Kong’s Hang Seng Index losr 0.43% to 20,965.60, the Shanghai Composite Index was down 0.56% to 2,333.96, South Korea’s Kospi fell 0.23% to 2,035.05, singapore’s Straits Times Index lost 0.38% to 3,007.52 and Taiwan’s taiex shed 0.09% to 8,022.45.
BIMB Securities Research in a note March 28 said that after a triple digit jump on Monday, the Dow Jones Industrial Average retreated 44 points to a tad below the 13,200 support mark as traders took stock of recent developments and stay sidelined waiting for fresh catalysts.
Meanwhile, European bourses closed mostly lower reacting to the slight decline in the US consumer confidence level, it said.
The research house said that it was a good day for Asian markets as most ended up higher taking cue from the uptrend on Wall Street.
Locally, the FBM KLCI rebounded 5 points to close just below the resistance of 1,590, it said.
“We believe the benchmark index is all set to break its all time high of 1,597 soon and thereafter test the strong psychological level of 1,600.
“We strongly believe the uptrend remains intact as foreign participation again was a positive RM324 million yesterday amounting to almost RM4.5 billion year-to-date. Meanwhile, the date of GE13 is still highly speculative with the latest one touted at September,” it said.
On Bursa Malaysia, Dutch Lady rose 60 sen to RM32.60, Takaful added 11 sen to RM3.01, Petronas Gas and PPB rose eights en each to RM16.98 and RM16.48, Bintulu Port up seven sen to RM6.90, while TDM, Kulim, Sin Heng Chan and BIMB rose six sen each to RM4.83, RM4.20, RM1.06 and RM2.36 respectively.
SuperComnet was the most actively traded counter with 49 million shares done. The stock fell 12.5 sen to 23.5 sen.
Other actives included Utopia, Metronic, Silver Bird, Ariantec and Maxtral.
Decliners included United PLANTATION []s, Supercomnet, MISC, Batu Kawan, Parskson, Ivory, Hing yap, Top Glove, MSM and AIC.
At 10.05am, the FBM KLCI edged up 1.32 points to 1,589. Gainers trailed losers by 169 to 213, while 223 counters traded unchanged. Volume was 386.01 million shares valued at RM126.19 million.
Asian shares drifted lower on Wednesday as investors waited for more clues on the state of the U.S. economy, after hopes for further stimulus from the U.S. Federal Reserve strengthened risk appetite and lifted prices the previous session, according to Reuters.
At the regional markets, Japan’s Nikkei 225 fell 0.95% to 10,158.20, Hong Kong’s Hang Seng Index losr 0.43% to 20,965.60, the Shanghai Composite Index was down 0.56% to 2,333.96, South Korea’s Kospi fell 0.23% to 2,035.05, singapore’s Straits Times Index lost 0.38% to 3,007.52 and Taiwan’s taiex shed 0.09% to 8,022.45.
BIMB Securities Research in a note March 28 said that after a triple digit jump on Monday, the Dow Jones Industrial Average retreated 44 points to a tad below the 13,200 support mark as traders took stock of recent developments and stay sidelined waiting for fresh catalysts.
Meanwhile, European bourses closed mostly lower reacting to the slight decline in the US consumer confidence level, it said.
The research house said that it was a good day for Asian markets as most ended up higher taking cue from the uptrend on Wall Street.
Locally, the FBM KLCI rebounded 5 points to close just below the resistance of 1,590, it said.
“We believe the benchmark index is all set to break its all time high of 1,597 soon and thereafter test the strong psychological level of 1,600.
“We strongly believe the uptrend remains intact as foreign participation again was a positive RM324 million yesterday amounting to almost RM4.5 billion year-to-date. Meanwhile, the date of GE13 is still highly speculative with the latest one touted at September,” it said.
On Bursa Malaysia, Dutch Lady rose 60 sen to RM32.60, Takaful added 11 sen to RM3.01, Petronas Gas and PPB rose eights en each to RM16.98 and RM16.48, Bintulu Port up seven sen to RM6.90, while TDM, Kulim, Sin Heng Chan and BIMB rose six sen each to RM4.83, RM4.20, RM1.06 and RM2.36 respectively.
SuperComnet was the most actively traded counter with 49 million shares done. The stock fell 12.5 sen to 23.5 sen.
Other actives included Utopia, Metronic, Silver Bird, Ariantec and Maxtral.
Decliners included United PLANTATION []s, Supercomnet, MISC, Batu Kawan, Parskson, Ivory, Hing yap, Top Glove, MSM and AIC.
