KUALA LUMPUR (April 2 ) : Malaysian stocks opened in the red on Monday morning before rebounding to positive territory in tandem with gains across Asian markets. Regional stocks had found support from better manufacturing updates in China over the weekend.
Analysts said Malaysia’s FBM KLCI is showing positive technical dynamics, hence, potential upside for the 30-stock index this week. But they also warned of profit-taking activities which could stifle gains in the equities gauge.
“However, given the weak follow through buying momentum on the broader market, selling on strength may increase to limit upside potential, with the two-tier market to persist as lower liners stay in profit-taking congestion while blue chips could likely dip on profit-taking post first-quarter window-dressing,” TA Securities Holdings Bhd wrote in a note.
At 9.28am, the FBM KLCI was up 0.99 point to 1,597.32. Some 195 million shares worth RM78 million changed hands, resulting in 150 gainers and 104 declining stocks while 153 entities were unchanged.
Top gainers DUTCH LADY MILK INDUSTRIES BHD [] rose 14 sen to RM34.40 followed by ALLIANCE FINANCIAL GROUP BHD [] which was up 13 sen to RM4.02.
Decliners include COCOALAND HOLDINGS BHD [] which fell 25 sen to RM2.05 while BRIGHT PACKAGING INDUSTRY BHD [] was down 14.5 sen to 61 sen.
Most active was INGENUITY SOLUTIONS BHD [] which added 2.5 sen to 13 sen with some 35 million shares done.
Across Asia, Japan’s Nikkei 225 rose 0.85% to 10,169.2 points, Australia’s S&P / ASX 200 climbed 0.71% to 4,366.1, while South Korea’s Kospi was up 0.35% to 2,020.99.
China’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.
Analysts said Malaysia’s FBM KLCI is showing positive technical dynamics, hence, potential upside for the 30-stock index this week. But they also warned of profit-taking activities which could stifle gains in the equities gauge.
“However, given the weak follow through buying momentum on the broader market, selling on strength may increase to limit upside potential, with the two-tier market to persist as lower liners stay in profit-taking congestion while blue chips could likely dip on profit-taking post first-quarter window-dressing,” TA Securities Holdings Bhd wrote in a note.
At 9.28am, the FBM KLCI was up 0.99 point to 1,597.32. Some 195 million shares worth RM78 million changed hands, resulting in 150 gainers and 104 declining stocks while 153 entities were unchanged.
Top gainers DUTCH LADY MILK INDUSTRIES BHD [] rose 14 sen to RM34.40 followed by ALLIANCE FINANCIAL GROUP BHD [] which was up 13 sen to RM4.02.
Decliners include COCOALAND HOLDINGS BHD [] which fell 25 sen to RM2.05 while BRIGHT PACKAGING INDUSTRY BHD [] was down 14.5 sen to 61 sen.
Most active was INGENUITY SOLUTIONS BHD [] which added 2.5 sen to 13 sen with some 35 million shares done.
Across Asia, Japan’s Nikkei 225 rose 0.85% to 10,169.2 points, Australia’s S&P / ASX 200 climbed 0.71% to 4,366.1, while South Korea’s Kospi was up 0.35% to 2,020.99.
China’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.
