KUALA LUMPUR (April 2) : The FBM KLCI traded at an all-time intraday high of 1,599.25 points in volatile trade at Monday noon as the index sank into the red before erasing losses to settle in positive territory at lunch break. Analysts said the outlook for the FBM KLCI is still deemed uncertain in April after taking into account technical and fundamental dynamics.
OSK Research Sdn Bhd said in technical terms, the index could see more upside as the gauge has been a laggard versus regional peers, apart from the fact that the FBM KLCI has breached a crucial resistance level.
“On the other hand, as news on Europe is again turning less positive, more profit taking could emerge in April,” OSK wrote in a note on Monday.
At 12.30pm, the FBM KLCI was up 1.88 points to settle lower at1,598.21. Some 735 million shares worth RM543.63 million changed hands, resulting in 263 gainers and 347 declining stocks while 238 entities were unchanged.
The equities barometer had earlier fallen as much as 6.06 points to 1,590.27 at 9.51am.
Top gainers DUTCH LADY MILK INDUSTRIES BHD [] rose 90 sen to RM35.16 followed by SMPC Corp Bhd which was up 43 sen to RM2.28.
Decliners include BRITISH AMERICAN TOBACCO (M) [] Bhd which fell RM1.24 to RM55.38 while PPB GROUP BHD [] was down 26 sen to RM16.64
Most active was INGENUITY SOLUTIONS BHD [] which added one sen to 11.5 sen with some 151 million shares done.
Asian markets found support from better manufacturing updates in China over the weekend. The world’s second largest economy’s purchasing managers' index, a barometer of the country’s manufacturing activity, had risen to 53.1 in March this year, the highest in about a year, according to the National Bureau of Statistics.
Across Asian indices on Monday, Japan’s Nikkei 225 rose 0.6% to 10,144.3 points, Australia’s S&P / ASX 200 climbed 0.3% to 4,348.4, although Hong Kong’s Hang Seng was down 0.4% 20,472.4.
OSK Research Sdn Bhd said in technical terms, the index could see more upside as the gauge has been a laggard versus regional peers, apart from the fact that the FBM KLCI has breached a crucial resistance level.
“On the other hand, as news on Europe is again turning less positive, more profit taking could emerge in April,” OSK wrote in a note on Monday.
At 12.30pm, the FBM KLCI was up 1.88 points to settle lower at1,598.21. Some 735 million shares worth RM543.63 million changed hands, resulting in 263 gainers and 347 declining stocks while 238 entities were unchanged.
The equities barometer had earlier fallen as much as 6.06 points to 1,590.27 at 9.51am.
Top gainers DUTCH LADY MILK INDUSTRIES BHD [] rose 90 sen to RM35.16 followed by SMPC Corp Bhd which was up 43 sen to RM2.28.
Decliners include BRITISH AMERICAN TOBACCO (M) [] Bhd which fell RM1.24 to RM55.38 while PPB GROUP BHD [] was down 26 sen to RM16.64
Most active was INGENUITY SOLUTIONS BHD [] which added one sen to 11.5 sen with some 151 million shares done.
Asian markets found support from better manufacturing updates in China over the weekend. The world’s second largest economy’s purchasing managers' index, a barometer of the country’s manufacturing activity, had risen to 53.1 in March this year, the highest in about a year, according to the National Bureau of Statistics.
Across Asian indices on Monday, Japan’s Nikkei 225 rose 0.6% to 10,144.3 points, Australia’s S&P / ASX 200 climbed 0.3% to 4,348.4, although Hong Kong’s Hang Seng was down 0.4% 20,472.4.
