Friday, 13 April 2012

KLCI erases gains, up 2.3pts at midday

KUALA LUMPUR (April 13): The Malaysian equities barometer erased earlier gains, but still managed to settle in positive territory towards the Friday lunch break.

Gains in the FBM KLCI were in tandem with global markets, which found support from updates that Italian government bonds have seen better than expected demand, although China's first quarter economic growth of 8.1% came in below street estimates.

In technical terms, analysts said dynamics of the FBM KLCI are still weak. In a note on Friday, Kenanga Investment Bank Bhd said that although the index had breached the 1,600-point level, technical dynamics of the index are still deemed weak unless the gauge trades above the all-time high of 1,609.33.

This could result in an uptrend resumption for the FBM KLCI, according to Kenanga.

At 12.30pm, the FBM KLCI added 2.3 points to 1,603.57. Across the exchange, some 653 million shares worth RM612 million were traded, leading to 331 gainers versus 277 decliners.

Top gainer Sam Engineering & Equipment (M) Bhd rose 58 sen to RM2.65, while GUINNESS ANCHOR BHD [] was up 36 sen to RM13.

Decliner Tradewinds PLANTATION [] Bhd fell 21 sen to RM5.69, while KLUANG RUBBER CO (M) BHD [] was down 10 sen to RM2.80.

Most active was INGENUITY SOLUTIONS BHD [], which added one sen to 10 sen with some 100 million shares done.

Among Asian bourses, Japan's Nikkei 225 rose 1.41% to 9,658.66 points, while Australia's S&P/ASX 200 added 0.8% to 4,314.7. The Shanghai Composite was up 0.18% 2,355.14.

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...