Friday, 6 April 2012

KLCI up 5pts in morning trade

KUALA LUMPUR (April 6) : The FBM KLCI rebounded on Friday morning following two consecutive days of losses as investors weigh global economic prospects in Europe and the US, against pre-election sentiment in Malaysia.

In technical terms, analysts said the FBM KLCI has touched its lower support trend line, and a break below that level could add downward pressure on the equity gauge.

“Nevertheless, the overall trend of the FBM KLCI still remained up. As the total volume continued to dwindle, the overall market is likely to remain in a consolidation mode with some penny stocks in rotational play,” SJ Securities Sdn Bhd wrote in a note.

The stock barometer added 5.02 points to 1,598.46 at 10am with some 237 million shares worth RM111 million changing hands. There were 206 gainers versus 119 declining stocks.

Top gainers BRITISH AMERICAN TOBACCO (M) [] Bhd rose 70 sen to RM55.68 while TRADEWINDS (M) BHD [], was up 18 sen to RM9.97.

Decliners KUALA LUMPUR KEPONG BHD [] fell 10 sen to RM24.50 while HWANG-DBS (M) BHD [] was down seven sen to RM2.41.

Most active was Naim Indah Corp Bhd which added two sen to 50.5 sen with some 37 million shares done.

Among Asian equity benchmarks, Japan’s Nikkei 225 fell 0.52% to 9,716.39 points while South Korea’s Kospi declined 0.07% to 2,027.35.

The Hong Kong and Australian bourses are closed on Friday and next Monday for the Good Friday and Easter holiday season. Singapore and US markets are not traded on Friday.

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