KLCI edges down at mid-morning in choppy trade

KUALA LUMPUR (May 11): The FBM KLCI edged lower at mid-morning on Friday in choppy trade, in line with the tepid sentiment at key regional markets, and weaker overnight close at Wall Street.

The FBM KLCI edged down 0.01 of a point to 1,588.05 at 10am.

Losers led gainers by 201 to 157, while 243 counters traded unchanged. Volume was 222.23 million shares valued at RM1110.91 million.

BIMB Securities Research in a note Friday said that with Spain currently on a downward economic spiral with Greece scrambling for a government coalition, the US came out with another after market “surprise” that JP Morgan made a US$2bn trading loss.

It said that though the Dow Jones Industrial Average eked out a 20 point gain to 12,855, the JP Morgan incident should dampen investors’ mood.

European markets staged a relief rally of sorts with most ended up in positive territory which we believe could be short lived, it said.

Already, the Spanish banks are crying for help with bail-outs next on the agenda. Regional performances were mixed with Malaysia again defying gravity to chalk up a 3.16 point gain to 1,588.06, it said.

"It is interesting to note that investors’ risks tolerance is higher now with the absence of any panic selling.

"Mirroring our sentiments, we expect the FBM KLCI to trend within a narrow band over the short term of between 1,580-1,600 and expect some downward bias today," it said.

Among the major decliners at mid-morning on Bursa Malaysia were PPB, Tasek, GAB, Orient, Subur Tiasa, MSM, Amway, Century Logistics and Petronas Gas.



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KLCI hovers in negative territory at mid-morning

KUALA LUMPUR (May 9): The FBM KLCI hovered in negative territory at mid-morning on Wednesday in line with the overnight fall at Wall Street and weaker sentiment at regional markets, underpinned by global economic and political worries.

At 10.01am, the FBM KLCI fell 3.03 points to 1,587.57, weighed by select blue chips.

Gainers trailed losers by 132 to 234, while 219 counters traded unchanged. Volume was 237.19 million shares valued at RM17908 million.

Asian shares fell and the euro stayed pressured on Wednesday, as Greece struggled to form a government two days after elections, raising the risk that a hard-won bailout could be nullified, according to Reuters.

BIMB Securities Research in a note Wednesday said the conditions in Europe was ripe for traders to create some volatility in the equity markets and yesterday could be the beginning of the trend.

With the initial focus on Spain and now the political issues in France and Greece, investors may be in for a roller coaster ride this month, it said.

Reacting to the European uncertainty, the Dow Jones Industrial Average sank 76.44 points to 12,932 but off its intra-day low of 12,810, it said.

“Needless to say, European bourses took the brunt of yesterday’s selling as all ended up in a sea of red,” it said.

The research house said regional markets had a mixed session possibly from the weak opening in Europe amid the ongoing consolidation mode.

“Locally, the FBM KLCI rebounded by 5.73 points to just above the immediate 1,590 resistance at 1,590.60.

“For today, it will be interesting to gauge the resilience of investors whether they will all jump into the selling bandwagon. For us, we believe there will be some broad based knee jerk reaction and should pressure the FBM KLCI on the downside,” it said.

On Bursa Malaysia at mid-morning, F&N Fell and Petronas Dagangan fell 14 sen each to RM18.90 and RM19.80, Hong Leong Bank and Genting down 12 sen each to RM12.12 and RM10.54, Sarawak PLANTATION []s 11 sen to RM2.92, Rapid and IJM Corp 10 sen each to RM2.57 and RM5.44, while NPC, MAHB and Ajiya lost eight sen each to RM2.60, RM5.71 and RM1.60 respectively.

Permaju was the most actively traded counter with 25.7 million shares done. The stock rose 3.5 sen to 91 sen.

Other actives included Harvest Court, Naim Inda Corp,Perisai, Sanbumi, Metronic, Compugates, JCY and Komark.

Gainers included KGB, Tasek, Komark, KLK, Mercury, CIMB, SKB Shutters, Multico, Perisai and Permaju.



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KLCI reverses losses at mid-morning

KUALA LUMPUR (May 8): The FBM KLCI reversed its losses from early trade on Tuesday and was up at mid-morning, in line with the recovery at most regional markets.

At 10.01am, the FBM KLCI edged up 2.03 points to 1,586.90.

Gainers led losers by 220 to 132, while 227 counters traded unchanged. Volume was 243.81 million shares valued at RM122.88 million.

Meanwhile, regional shares and riskier assets recovered on Tuesday from the previous day's plunge, as sentiment improved on hopes Spain would use public funds to bolster its struggling banks, although wariness remained over Greece, according to Reuters.

U.S. stocks ended nearly flat and most European markets rose after an anti-austerity backlash by voters in Greece and France caused initial jitters across markets, sending the euro and Asian stock markets to their lowest levels in three months, it said.

BIMB Securities Research in a note Tuesday said it would be interesting to observe the happenings over in Europe now that France and Greece with their new administration may reject the proposed austerity measures for both countries.

As such, the uncertainty from the Eurozone may be prolonged with expectations that the EURO may weaken ahead from more injection of funds into the system, it said.

With Spain also in the limelight, this could be an interesting three corner battle for the ECB, it said.

Meanwhile, investors are taking these developments in their stride as bargain hunting emerged pushing the Dow Jones Industrial Average off its low to 13,008 (-29.74), it said.

“European bourses also rebounded from last week’s weaknesses to close mixed. Regionally, Asian markets experienced profit taking activities as most ended up in negative territory.

“Domestically, the FBM KLCI finally close lower at 1,584.87 down 6.17 points taking cue from the weaker regional performance. Due to the lack of fresh catalysts, we expect prevailing consolidation to persist with the 1,580 level acting as the immediate support,” it said.

Among the gainers at mid-morning were Nestle, Kulim, Tong Herr, Nakamichi, Sapura Industrial, Tan Chong, Tradewinds PLANTATION []s, Tradewins and MHC.

The actives included TMS, Sanbumi, FFHB, JCY, Maybulk and Sanichi.

Decliners at mid-morning included Lafarge Malayan Cement, Jaya Tiasa, Sarawak Oil Palms, IJM Land, JCY, QL Resources, LPI, Texchem and OIB.



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Bumi Armada edges up on unit’s Mexican contract

KUALA LUMPUR (May 8): Bumi Armada Bhd shares edged up on Tuesday after its unit secured a five-year contract worth US$65 million (RM198.9 million) to provide an accommodation workboat.

At9.13am, Bumi Armada added two sen to RM4.02 with 11,400 shares done.

The company said on Monday that its subsidiary, Bumi Armada Navigation Sdn Bhd ("BAN") had been awarded the contract by Tecnologías Relacionadas con Energía y Servicios Especializados, SA de CV (TRESE).

"The Vessel will be providing accommodation and offshore support services in the Mexican territorial waters,” it said.

BIMB SEcurities Research has upgraded Bumi Armada from Neutral to Buy and said the recent share price retracement offered a good accumulation opportunity for investors.

"We made no changes to our forecast and target price of RM4.65," it said in a note Tuesday.



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KLCI slips in early trade, blue chips weigh

KUALA LUMPUR (May 3): The FBM KLCI slipped in early trade on Thursday in line with the overnight retreat at Wall Street and weaker performance at global markets, on fresh concerns of a slowing economic growth on the back of a fall in employment in the US.

The FBM KCI shed 0.61 of a point to 1,581.78 at 9am, weighed by losses at blue chips including PPB, Hong Leong Bank, Genting and Sime Darby.

Gainers edged losers by 19 to 18, while 41 counters traded unchanged. Volume was 4.08 million shares valued at RM3.12 million.

The S&P 500 and the Dow edged lower on Wednesday as data showed that private sector hiring fell far more than expected in April, sparking concerns that Friday's U.S. jobs report will also disappoint investors, according to Reuters.

Private employers added 119,000 jobs in April, well short of the 177,000 expected, the ADP report showed, it said.

BIMB Securities Research in a note Thursday wrote that reality finally set in as investors were reminded of the not so rosy global picture just yet.

Unemployment data both in the US and Eurozone spooked investors as many reverted to profit take, it said.

The research house said that a lower than expected employment data from the private sector in the US and a jaw dropping 10.9% unemployment rate in Eurozone indicated a long and winding road ahead.

As a result, the Dow Jones Industrial Average reacted with a 11 point decline whilst the European markets closed mostly lower, it said.

Meanwhile, regional bourses ended yesterday’s session broadly higher in tandem with China’s improved outlook, it said.

Locally, the FBM KLCI surged by almost 12 points to close at 1,582 surpassing our expectations.

“Nonetheless, we believe the market’s undercurrent remains shaky as external coupled with the GE13 factors are becoming more prominent on the downside. We may see some profit taking today with the 1,580 as the immediate support level,” it said.



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KLCI inches higher at mid-morning, brushes off concerns after Bersih rally

KUALA LUMPUR (April 30): The FBM KLCI brushed off events over last weekend arising from the Bersih 3.0 rally and inched higher on Monday, in line with the gains at most regional markets, lifted by select blue chips in early trade.

At 10am, the FBM KLCI was up 3.64 points to 1,571.44.

Gainers led losers by 184 to 151, while 202 counters traded unchanged. Volume was 183.93 million shares valued at RM115.43 million.

Asian shares inched higher on Monday as weaker-than-expected U.S. growth data left open the possibility for more monetary stimulus from the Federal Reserve, but trading will likely be subdued with Japanese and Chinese markets closed, according to Reuters.

Global stocks ended higher on Friday on strong earnings reports, while the dollar dipped as data showed growth in the U.S. economy cooled in the first quarter to a 2.2% annual growth rate, below a 2.5% forecast, feeding views that the Fed could ease policy further to boost growth, it said.

At the regional markets, Hong Kong’s Hang Seng Index rose 1.12% to 20,973.80, South Korea’s Kospi added 0.44% to 1,984.09, while Singapore’s Straits Times index fell 0.20% to 2,975.60 and Taiwan’s Taiex shed 0.27% to 7,460.38.

Maybank Investment Bank Bhd in a market strategy note Monday maintained its Neutral stance on the FBM KLCI and said it expects the market to continue pricing in political concerns ahead of the 13th General Elections (13GE).

It said last Saturday's Bersih 3.0 rally had thrown up the possibility of the 13GE being deferred.

“On the external front, renewed concerns over the Eurozone imply heightened volatility again for equity markets.

“Against such a backdrop, we expect domestic equities to stay range bound ahead of the 13GE, and advise investors to stay selective in their picks,” it said.

BIMB Securities Research said on Monday that in the US solid corporate earnings, improving economic growth and employment had kept investors upbeat on equities hence the higher closing for the Dow Jones Industrial Average at 13,228 (+24 points).

Meanwhile European bourses all closed higher possible on a rebound after an eventful week, it said.

“We believe this as a lull before the storm as the situation in Spain is ripe for traders to manufacture more volatility ahead.

“To recap, the country recently was downgraded by the S&P and recently reported its unemployment rate of 24.4% for 1Q12 should become as a main target to derail sentiments, it said.

The research house said Asian markets were weaker possibly spooked by the situation in Spain amid profit taking activities.

“Locally, the FBM KLCI fell almost 12 points to 1,567 ahead of the Bersih 3.0 Rally as investors continue to pare down their holdings.

“We believe outlook for the local bourse has deteriorated for the 2Q12 unless corporate earnings for the 1Q excel. Next support is seen at 1,560,” it said.

Among the gainers on Bursa Malaysia at mid-morning, Chin Teck added 29 sen to RM9.30, Aeon Credit and Petronas Dagangan up 22 sen each to RM10.38 and RM19.28, Tasek 21 sen to RM8.76, UMW and Carlsberg 14 sen each to RM7.97 and RM11.62, Genting PLANTATION []s 13 sen to RM9.52, Toyo Ink and KLK 12 sen each to RM1.53 and RM23.82, while Petra Energy added 11 sen to RM1.27.

Utopia was the most actively traded counter with 178.28 million shares done. The stock was unchanged at 8.5 sen.

Other actives included DRB-Hicom, XDL, CSL, Berjaya Corp. Daya Materials, Metronic and Oversea.

Decliners included PacificMas, Bumi armada, Dutch Lady, IJM Plantations, Sarawak Plantations, Batu Kawan, GAB and Gadang.



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KLCI pares down losses at mid-day break

KUALA LUMPUR (APRIL 16): The FBM KLCI pared down some of its losses at the mid-day break on Monday showing some resilience compared to its regional peers, as renewed worries about the euro zone debt crisis took a toll on investor sentiment at global markets.

The FBM KLCI fell 3.35 points to 1,599.77 at the mid-day break. The index had earlier fallen to its intra-morning low of 1,594.63.

Market breadth was weaker, with losers beating gainers by 372 to 198, while 304 counters traded unchanged. Volume was 509.4 million shares valued at RM430.95 million.

The ringgit weakened 0.55% to 3.0741 versus the greenback, crude palm oil futures for the third month delivery slipped RM10 per tonne to RM3,487, crude oil shed 76 cents per barrel to US$102.07, while gold fell US$8.75 an ounce to US$1,649.40.

Asian shares and the euro fell on Monday as a surge in Spanish government bond yields renewed concerns about the euro zone's sovereign debt crisis and undermined investor appetite for riskier assets, according to Reuters.

Spain's government bond yields jumped on Friday and the cost of insuring its debt against default hit an all-time peak as record borrowing by its banks from the European Central Bank highlighted fears about the country's finances.

At the regional markets, Japan’s Nikkei 225 fell 1.4% to 9,502.61, Hong Kong’s Hang Seng Index lost 0.69% to 20,559.00, the Shanghai Composite Index was down 0.22% to 2,353.99, Taiwan’s Taiex lost 0.77% to 7,728.06, South Korea’s Kopsi fell 0.96% to 1,989.55 and singapore’s Straits Times Index edged up 0.03% to 2,988.83.

BIMB Securities Research in a note Monday said traders were now renewing their focus on Spain’s financial position and China’s economic slowdown as the main excuses to sell down equities.

As a result, it said the Dow Jones Industrial Average fell 137 points to below the 13,000 level despite the better than expected batch of earnings from corporate USA.

The research house said European bourses wobbled across the board from Spain’s mounting debts as its 10-year treasury yield jumped to 5.98% (+0.16).

Asian equities fared better as most ended the week higher obviously before the profit takings both in the US and Europe.

“We view China’s decision to expand their trading band for its Yuan as positive showing that its economy is resilient and is able to withstand the vagaries of its currency.

“Locally, the FBM KLCI added a mere 1.85 points to 1,603 signaling that the market may be due for a consolidation and may be expedited from the weaknesses in both the US and Eurozone. We expect the index may severely test the 1,600 mark after which 1,595 would be the next support level,” it said.

ON Bursa Malaysia, Dutch Lady was the top loser and fell 30 sen to RM35.28, Amway and BAT lost 18 sen each to RM9.80 and RM54.62, HLFG doen 10 sen to RM12.34, while, Sungei Bagan, CCK, Shell, Hong Leong bank and Petronas Dagangan fell eight sen each to RM2.90, 91 sen, RM10.20, RM12.48 and RM18.72 respectively.

Ingenuity Solutions was the most actively traded counter with 51.59 million shares done. The stock was down half a sen to 9.5 sen.

Other actives included Naim Indah Corp, AWC, Ariantec, CSL, Sinotop, Hibiscus and Metronic.

Gainers included Jaya Tiasa, Tasek, Ta Ann, Subur Tiasa, BLD PLANTATION []s, Hong Leong Industries and Tradewinds Plantations.



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KLCI reverses earlier loss, breaches 1,600-level at mid-day break

KUALA LUMPUR (April 12): The FBM KLCI reversed its earlier losses and breached the 1,600-point level at the mid-day break on Thursday, as regional markets turned positive as well.

The FBM KLCI added 0.24% or 3.76 points to 1,600.93 at the mid-day break, lifted by gains at select blue chips.

Gainers trailed losers by 267 to 302, while 308 counters traded unchanged. Volume was 553.07 million shares valued at RM574.19 million.

Asian shares eked out small gains and the euro steadied on Thursday, reflecting investor caution over sovereign funding for troubled eurozone economies Spain and Italy, despite their declining yields that helped global equities rebound overnight, according to Reuters.

An encouraging start to the earnings season helped US stocks snap a five-day losing streak, spurring investors to scale back safe haven buying of gold and US and German government debt on Wednesday, but further selling of these perceived safe assets weakened in Asia on Thursday, its aid.

At the regional markets, the Shanghai Composite Inded added 0.40% to 2,318.16, Hong Kong's Hang Seng Index rose 0.36% to 20,212.83, Japan's Nikkei 225 gained 0.29% to 9,.485.52, Taiwan's Taiex edged up 0.04% to 7,659.70, Singapore's Straits Times Index rose 0.58% to 2,963.29 while South Korea's Kospi shed 0.90% to 1,976.83.

BIMB Securities Research in a note Thursday said that buoyed by Alcoa's better than expected earnings for the 1Q12 plus easing concerns over Europe, investors became less edgy thus the 89 points gain for the Dow Jones Industrial Average to surpass the 12,800 level.

The research house However said it still detected a hint of skepticism as Wall Street closed 40 points off its intra-day high.

As for Europe, successful sale of bonds by Germany, Italy and Spain had allayed fears of a deepening crisis, it said.

In response to indications of more bond purchases, yields for both Italy and Spain declined hence pushed European bourses all higher.

It was a rather mixed day for Asian markets as most are still coping with indications from both the US and Europe.

"Malaysia was closed for public holiday (on Wednesday) after another interesting day on Tuesday with the FBM KLCI adding almost 6 points to inch closer to 1,600 again.

"We reckon buying on the local bourse to persist supporting any weaknesses. Today, we may see the 1,600 mark to be breached again," it said.

On Bursa Malaysia, BAT was the top gainer in the morning session and rose 86 sen to RM55.56, SMPC 34 sen to RM1.48, Genting PLANTATION []s up 21 sen to RM9.73, Timwell up 14 sen to 95 sen, Tradewinds Plantations up 12 sen to RM5.83, CyberTowers up 11.5 sen to 70.5 sen, MSC up 11 sen to RM4.72, Kluang up 10 sen to RM2.90, while Tenaga and Advanced Packaging added nine sen each to RM6.46 and RM1.39 respectively.

The decliners included Dutch Lady, Manulife, GAB, Chin Teck, Toyo Ink, BLD Plantations, Top Glove, Pansonic and KLK, while the actives included Asia Bio, Tiger Synergy, Metronic, Asia Global, DGSB and Tambun.



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KLCI edges up at mid-day break, crosses 1,590-mark

KUALA LUMPUR (APRIL 9): The FBM KLCI ticked upward at the mid-day break on Tuesday and moved above the 1,590-point mark, while investors at the regional markets took a cautious stance.

Asian shares struggled on Tuesday as investors remained cautious after Chinese trade data showed the world's second largest economy may be able to achieve a soft landing but global growth concerns lingered given the sharp slowdown in U.S. job creation, according to Reuters.

The FBM KLCI added 4.38 points to 1,595.66 at the mid-day break.

Losers edged gainers by 257 to 297, while 295 counters traded unchanged. Volume was 471.75 million shares valued at RM531.72 million.

At the regional markets, Japan’s Nikkei 225 fell 0.20% to 9.565.81, Hong Kong’s hang Seng Index lost 1.11% to 20,365.10, the Shanghai Composite Index wa down 0.96% to 2,263.78, and South Korea’s Kopsi shed 0.03% to 1,996.55, while Singapore’s Straits Times Index added 0.23% to 2,967.04 and Taiwan’s Taiex gained 0.18% to 7,614.54.

BIMB Securities Research in a note Tuesday said that as expected, sellers overwhelmed Wall Street following the weak job data last week.

The Dow Jones Industrial Average consequently declined 130 points to 12,929 as funds flowed back to the US Treasuries as depicted by a dip in the 10 year Treasury yield to 2.04% (-0.14%), it said.

The research house said investors would pay heed to some of the upcoming corporate earnings due this week.

With European markets closed for Easter, regional markets have had a rather traumatic Monday with almost all ending up in a sea of red taking cue the weak job data, it said.

“As for the local bourse, its performance was in synch with the regional decline as the FBMKLCI lost 7.6 points to 1,591 just above the support level of 1,590.

“We expect the market to be lacklustre today with the index to see further decline albeit marginally as China continues to be plagued by the fine art of balancing between growth and inflation. We see current developments as excellent windows of opportunities to accumulate and expect the index to hover between 1,585-90,” it said.

ON Bursa Malaysia, Tradewinds PLANTATION []s was the top gainer in the morning session and added 28 sen to RM5.73, Tradewinds up 23 sen to RM10.18, Bonia 17 sen to RM2.60, KPJ 15 sen to RM5.31, Batu Kawan and SMPC up 14 sen each to RM18.68 and RM2.50, Genting 12 sen to RM10.96, YHS 11 sen to RM2.75 and Carlsberg added 10 sen to RM10.84.

Tiger Synergy was the most actively traded counter with 24.8 million shares done. The stock was unchanged at 15.5 sen.

Other actives included KBES, Digi, Naim Indah Corp, CSL, KTB, Managed Pay and Asia Media.

Meanwhile, the decliners included Nestle, Aeon, Lafarge Malayan Cement, Panasonic, UAC, Parkson, Amtek, Shangri-La, LPI and Milux.



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FBM KLCI slips at mid-day break, but hovers above 1,590-level

KUALA LUMPUR (April 9): The FBM KLCI slipped into negative territory on Monday, in line with the waning sentiment at key regional markets, following a drop in US jobs growth that was reported last week.

Among the better performers on Bursa Malaysia in the morning session was newly-listed EITA Resources Bhd.

The FBM KLCI lost 4.66 points to 1,594.21 at 12.30pm.

Market breadth was weaker with 378 losers and 185 gainers, while 264 counters traded unchanged. Volume was 578.5 million shares valued at RM420.14 million.

The ringgit weakened 0.29% to 3,0728 versus the US dollar; crude palm oil futures for the third month delivery rose M13 per tonne to RM3,590, crude oil fell US$1.19 per barrel to US$101.12 while gold added US$2.05 an ounce to US$1,638.47.

Asian shares fell on Monday as a sharp slowdown in U.S. jobs growth raised concerns about the strength of the world's largest economy, prompting investors to curb risk exposure ahead of more U.S. data and earnings as well as figures from China this week, according to Reuters.

BIMB Securities Research in a note Monday said it would be a stop start scenario for equities this week following a weaker than expected job data for March in the US.

Therefore, investors and traders alike will reassess their risk/reward propositions before making more commitments, it said.

As of now, the lack of fresh catalysts will be the main excuse as well as the resurrection of Eurozone’s debt situation to be road bumps ahead for equity markets.

Then again, if both the US and China are to lean towards monetary easing, these may set the markets abuzz again.

For now, we can expect loads of fence sitters.

“Locally, the FBM KLCI failed to breach the 1,600 mark despite adding another 5 points to end the week at almost 1,599.

“For now, the lack of direction with some regional markets closed, we would expect a lacklustre market today with the immediate support seen at 1,590,” it said.

ON Bursa Malaysia, BAT fell 74 sen to RM54.72, Petronas Dagangan 30 sen to RM18.54, BLD PLANTATION []s fell 19 sen to RM9.21, KLK down 14 sen to RM24.50, GAB and Public Bank lost 12 sen each to RM12.96 and RM13.68, Chin Teck lost nine sen to RM9.06 while TDM was down eight sen to RM4.87.

Naim Indah Corp was the most actively traded counter with 81.28 million shares done. The stock fell three sen to 54 sen.

Other actives included EITA that rose 10.5 sen to 86.5 sen wth 30 millin shares traded.

Other actively traded stocks included DVM, Tiger Synergy, Time, SuperComNet, Metronic, Karambunai and Focus.

Gainers included Aeon, SMPC, KLuang, Dutch Lady, Eita, Hartalega, Nationwide, Parkson, Johore Tin and Nestle.



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KLCI snaps losing streak, but stays shy of 1,600-level at mid-day

KUALA LUMPUR (APRIL 6): The FBM KLCI snapped its two-day losing streak on Friday and rose at the mid-day break, while key regional markets were mostly closed for the Easter weekend holidays.

The FBM KLCI rose 6.29 points to 1,599.73 at the mid-day break.

Gainers led losers by 319 to 233, while 306 counters traded unchanged. Volume was 595.27 million shares valued at RM502.46 million.

The ringgit strengthened .07% t0 3.0625 versus the US dollar; crude palm oil futures for the third month delivery rsoe RM14 per tonne to RM3,546, crude oil was US$103.31 per a barrel (as of April 4 closing) whiel gold fell US$1.18 an ounce to US$1,630.05.

Asian shares struggled on Friday, with many markets closed for the Easter holiday, as investors stayed on the sidelines ahead of key U.S. jobs data, avoiding risk after rising yields in weaker euro zone countries refuelled concerns about the region's debt issues, according to Reuters.

Worries about Spain's rising bond yields were offset somewhat by fresh U.S. data on Thursday that provided more evidence of a recovering labour market, raising prospects of the non-farm payrolls report due later on Friday being solid, it said.

At the regional markets, Japan’s Nikkei 225 fell 1.05% to 9,665.28, Taiwan’s taiex added 0.60% to 7,685.52 and South Korea’s Kospi shed 0.25% to 2,023.75.

BIMB Securities Research in a note April 6 said that European stocks climbed in the final hour of trading on Thursday, after new on US initial jobless claims fell to their lowest levels in four years last week.

Meanwhile Spain’s 10-year bonds dropped for a third day, pushing the yield on the country’s benchmark debt seven basis points higher to 5.76%, it said.

The research house Wall Street ended largely unchanged in a lackluster session as investors hesitated to jump in amid ongoing worries over the euro zone and ahead of Friday's monthly jobs report.

Nonetheless, for the week, all three major averages recorded their worst decline this year, it said.

The Dow Jones Industrial Average slipped 0.11 percent, to close at 13,060.14, declining for a third-straight session while S&P 500 erased or 0.06 percent, to finish at 1,398.08, it said.

BIMB Research said that regionally, most major indices closed lower yesterday, due to weak Spanish bond sale which weaken investors’ confidence.

“In the local front, the FBM KLCI is well supported at 1,590 levels despite poor regional performance, losing 0.36% to close at 1,593.44. Net foreign participation remains positive yesterday at RM66.2m.

“Technical point of view, the near term outlook remains sluggish with immediate support to be seen at 1,590 followed by 1,580,” it said.

ON Bursa Malaysia, BAT the top gainer in the morning session and rose 68 sen to RM55.66, Dutch Lady added 50 sen to RM36, Tradewinds PLANTATION []s rose 31 sen to RM5.50, SMPC up 28 sen to RM2.25, Tradewinds 23 sen to RM10.02, Naim Holdings 14 sen to RM2.04, Mulpha 13 sen to 59 sen, Hing Yap 12 sen to RM1.68, MBM Resources 11 sen to RM4.91 and HLFG added 10 sen to RM12.48.

Naim Indah Corp was the most actively traded counter with 58.3 million shares done. The stock rose 2.5 sen to 51 sen.

Other actives included Metronic, Tiger Synergy, CSL, Green Ocean, Focus, TMS, Ariantec, Systech and DBE Gurney.

Decliners included Shell, F&N, Petrol One, KLK, HDBS, SapureCrest, Batu Kawan, Subur, Perduren and MGRC.



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BIMB Securities Research starts coverage on QL with Neutral call, target price RM3.43

KUALA LUMPUR (APRIL 6): BIMB Securities Research has initiated coverage on QL Resources at RM3.21 with a Neutral recommendation and target price of RM3.43.

The research house in a note Friday said that despite a prospective global economic slowdown, QL’s revenue growth would remain intact.

In addition, the demand for its basic food products such as eggs, fishmeal and feed raw materials are expected to be resilient, it said.

“Due to the recent share price run-up, we have a Neutral rating on QL with a target price of RM3.43 based on PER of 19x CY2012 EPS. The PER multiple is +1 std. dev of its past 3-years PE valuation which is justified by its solid fundamental and long-term earnings growth potential.

QL’s core activities includes marine products manufacturing (MPM), palm oil activities (POA) and Integrated Livestock Farming Activities (ILF).

“As of FYE03/11, ILF has been the biggest contributor to the group’s total revenue (56%), followed by MPM (25%) and POA (19%). We are initiating coverage on QL Resources with a Neutral rating on the stock with an indicative target price of RM3.43 based on 19 times CY2012,” said BIMB Securities Research.



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KLCI extends loss on external woes

KUALA LUMPUR (April 5): The FBM KLCI extended its loss on Thursday, in line with the weaker overnight close at the US markets as well as lacklustre opening at regional markets.

The 30-stock index fell 3.79 points to 1,595.48 at 9am.

Losers led gainers by 57 to 23, while 86 counters traded unchanged. Volume was 13.1 million shares valued at RM4.09 million.

US stocks fell for a second day on Wednesday as investors contemplated a world without monetary stimulus and a poorly received bond auction in Spain suggested the effects of Europe's funding operations were waning, according to Reuters.

Meanwhile, Global stocks dropped more than 1 percent and gold tumbled to its lowest in nearly three months on Wednesday a day after U.S. central bank meeting minutes dented hopes for more economic stimulus and as a Spanish debt auction drew weak results, it said.

BIMB Securities Research said European stocks fell for a second day yesterday after Spain sold fewer bonds than its maximum target and the Federal Reserve damped expectations of more monetary stimulus for the US. Spain sold €2.6bn (US$3.4bn) of bonds; near the minimum target of €2.5bn; and borrowing costs rose in its first auction since the country said public debt will surge to a record this year.

US stocks ended in negative territory for a second day fueled by disappointment over the Fed's latest minutes and ongoing worries over the euro zone, the research house said in a note April 5.

The Dow and the S&P logged their biggest decline since March 6, while the Nasdaq suffered its worst day of the year. The S&P 500 lost 1 percent to 1,398.96 while DJIA slid 124.8 points to 13,074.75, it said.

“Back home, the local market has retraced as expected where the FBMKLCI fell more than 7 points to 1,599.27; dragged down by financial and PROPERTIES [] sector.

“Net foreign is still positive at RM176.7m yesterday but we reckon market sentiment to be weaker due to profit taking activities coupled with weak share performance in US and Europe. Expect immediate support to be seen at 1,595 followed by 1,590,” it said.

Among the decliners in early trade, KLK fell 22 sen to RM24.38, Genting lost 10 sen to RM10.98, Maybank don nine sen to RM8.79, RHB Capital and Malayan Flour Mills fell four sen each to RM7.70 and RM2, CIMB, MAS, Mah Sing and TDM fell two sen each to RM7.70, RM1.34, RM2.02 and RM4.68 respectively.

Gainers,meanwhile, included Tradewinds, BHIC, Parkson, SEGi, Pos Malaysia, Leader, Proton and N2N.

The actives included JCY, Carotech, Kurasia, Metronic and Winsun.



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KLCI snaps four-day winning streak, dips at mid-day break

KUALA LUMPUR (APRIL 4): The FBM KLCI snapped its four –day winning streak and retreated at the mid-day break on Wednesday, in line with the generally weaker sentiment at key regional markets following the overnight dip at Wall Street.

Asian shares fell on Wednesday after the minutes from the U.S. Federal Reserve's March meeting suggested the bank was less inclined to take further stimulus measures, leaving investors looking for more clues to the global growth outlook, according to Reuters

Fed policymakers remained focused on a still elevated jobless rate while noting signs of slightly stronger growth, but the minutes suggested the appetite for further quantitative easing, so-called QE3 has waned significantly in light of an improving U.S. economy, it said.

At the mid-day break, the FBM KLCI was down 5.78 points to 1,600.85, weighed by losses at select blue chips.

Market breadth turned negative with losers leading gainers by 369 to 199, while 315 counters traded unchanged. Volume was 571.84 million shares valued at RM399.87 million.

The ringgit weakend 0.45% to 3.0613 versus the US dollar; crude palm oil futures for the third month delivery rose RM31 per tonne to RM3,530, crude oil shed 32 cents per barrel to US$103.69 whiel gold fell US$1.82 an ounce to US$1,644.30.

At the regional markets, Japan's Nikkei share average abruptly broke below 10,000 to hit a four-week low on Wednesday, after stop-losses were triggered on index futures, raising concerns that Tokyo's strong equities rally so far this year was coming to a halt.

The Nikkei 225 fell 1.59% to 9,890.65, Hong Kong’s Hang Seng index lost 1.31% to 20,790.90, Taiwan’s Taiex and South Korea’s Kospi fell 1.3% each respectively to 7,760.85 and 2,022.54 respectively, Singapore’s Straits Times Index shed 0.38% to 3,003.16 while the Shangai Composite Index edged up 0.47% to 2,262.79 .

BIMB Securities Research in a note Wednesday said that traders I the US resorted to profit on Tuesday taking amid signs that additional stimulus were diminishing from the Feds latest signal.

As such, the Dow Jones Industrial Average dipped 65 points to just below the 13,200 level.

We find this odd as we interpret this as positive and that the US economy is on auto pilot without the requirement of more financial steroids.

Regionally, Asian markets were slightly higher across the board except for Taiwan being hit hard from rumours that capital gains tax may be imposed on stock trades.

Meanwhile, the FBM KLCI continued with its uptrend with another record high via another 2.9 point gain to close at almost 1,607.

Nonetheless, we noticed that investors are becoming wary of the local bourse’s recent uptrend and believe a correction would emerge anytime soon.

“Foreign funds had again flowed into the market with another net positive of RM203 million yesterday.”

“Despite the foreign buying, we reckon the index may see some retracement today albeit marginally,” it said.

On Bursa Malaysia, Shell was the top loser in the morning session and fell 14 sen to RM10.14, PPB lost 12 sen to RM16.58, Litrak, Carlsberg and AFG fell 10 sen each to RM3.94, RM10.70 and RM3.86 respectively, Sop and Amway lost nine sen each to RM6.85 and RM9.80, Inno down eight sen to RM1.42, while MMHE and RHB Capital fell seven sen each to RM3.39 and RM7.70.

Among the gainers, Milux added 15 sen to RM1.40, Tradewinds and malPac up 10 sen each to RM9.64 and RM1.59, Tradewinds PLANTATION []s seven sen to RN4.92, Ewein and MBM Resources up six sen each to 84 sen and RM4.8, whiel Quality Concrete, Fiamma and NSOP added five sen each to RM1.29, RM1.15 and RM6.15 respectively.



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KLCI breaches 1,590-level at mid-morning

KUALA LUMPUR (March30): the FBM KLCI trended higher at mid-morning on the final trading day of the first quarter of 2012, while regional markets drifted marginally lower on fears of global growth slowdown.

At 10am, the FBM KLCI was up 4.89 points to 1,590.33, lifted by select blue chips including KLK and Maybank.

Gainers led losers by 186 to 189, while 235 counters traded unchanged. Volume was 252.32 million shares valued at RM154.22 million.

Meanwhile, Asian shares steadied on Friday as investors eyed key events that could dictate market trends in coming months and as the first quarter drew to a close after a stellar performance from equities, according to Reuters.

Still, investor sentiment across asset classes is being undermined by fears of a potential growth slowdown, with European troubles back in focus and concerns about China, the world's second largest economy, it said.

At the regional markets, Japan;s Nikkei 225 shed 0.26% to 10,088.00, Hong Kong’s Hang Seng Index down 0.59% to 20,488.40, the Shanghai Composite Index dipped 0.40% to 2,261.15, Taiwan’s taiex fell 0.24% to 7,853.39, south Korea’s Kospi edged down 0.05% to 2,013.40, and Singapore’s Straits Times index fell 0.50% to 3,009.11.

BIMB Securities Research in a note March 30 said that from it was observing at the moment actual figures have to at least beat forecasts for investors to stay upbeat.

It said this was exactly the scenario Wall Street was facing as investors remain unimpressed despite the lower unemployment claims (but higher than forecast) and a 3% GDP growth for 4Q11.

“For this, the Dow Jones Industrial Average had a mixed session before edging marginally by 20 points to 13,146,” it said.

The research house said European bourses were sold down after S&P cautioned that Greece may have to undergo more restructuring.

“Asian stocks were also broadly lower from weaker European markets but the FBM KLCI was one of the handfuls ended the day on positive territory.

“The index was up 1.7 points to jump just above the immediate resistance of 1,585. We expect market to be lacklustre today amid some downside risks and lack of fresh leads with 1,580 as the immediate support level,” it said.

Among the gainers on Bursa Malaysia at mid-morning, KLK rose 38 sen to RM24.52, BAT 28 sen to RM56.80, Sapuracrest, Maybank, Carlsberg and United PLANTATION []s added eight sen each to RM4.88, RM8.88, RM10.28 and RM24.88 respectively, IOI Corp seven sen to RM5.34, while Cypark and Maxis adde six sen each to RM1.92 and RM6.06.

Carotech was the most actively traded counter with 46 million shares traded. The stock fell three sen to 2 sen.

Other actives included Key West, Winsun, SuperComnet, KBB, Trinity, IFCA MSC, Ariantec and TMS.

Decliners at mid-morning included GAB, Genting, Petronas Dagangan, PPB, Hong Leong Bank, HELP, Kluang, UMW, Harrisons and Tradewinds Plantations.



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KLCI edges lower at mid-morning as regional markets dip

KUALA LUMPUR (March 29): the FBM KLCI edged lower on Thursday in line with the weaker sentiment at key regional markets, following the sharp decline at the Shanghai Composite Index a day earlier.

Asian shares eased for a second day in a row on Thursday, as investors limited their risk exposures on concerns about growth prospects in the world's two largest economies, the United States and China, according to Reuters.

Commodity related assets were likely to be on the defensive after oil and copper fell the previous day, while a sharp decline in Chinese shares will weigh on the Australian dollar, as China is Australia's single largest export market, it said.

The FBM KLCI was down 0.29 of a point to 1,583.46 at 10am. Gainers trailed losers by 143 ti 208, while 238 counters traded unchanged. Volume was 356.91 million shares valued at RN160.94 million.

At the regional markets, Japan’s Nikkei fell 0.88% to 10,093.20, Hong Kong’Hang Seng Index lost 1.13% to 20,649.60, the Shanghai Composite Index shed 0.75% to 2,267.81, Taiwan’s taiex lost 1.83% to 7,890.95, South Korea’s Kospi fell 1.26% to 2,006.14 and Singapore’s Straits Times Index fell 0.54% to 2,999.55.

BIMB Securities Research in a note March 29 said equity markets ended lower (on March 28) amid a directionless trading day.

With no new developments, traders revisited “old” concerns of slowing global economy to justify their selling on oil and commodities related stocks, it said.

“As a consequence, the Dow Jones Industrial Average dipped almost 72 points to 13,126. Reflecting the less than optimistic sentiments, European bourses also succumbed to the selling pressure and closed yesterday’s session broadly lower,” it said.

The research house said Asian equities followed suit with only a handful managed to close on a positive territory.

Taking cue from a weaker regional performance, the FBM KLCI lost 4 points to just below the immediate 1,585 support at 1,583.75, it said.

“Meanwhile, we again saw a net foreign participation of RM132 million yesterday pushing year-to-date total to RM4.67billion.

“Although the amount is not huge, foreign funds have been trickling in continuously for the month of March with a cumulative amount of a whopping RM2.8 billion. We expect some market weakness today with the immediate support at 1,580,” it said.

On Bursa Malaysia, GAB was the top loser at mid-morning and fell 16 sen to RM13.08, BLD PLANTATION []s down 15 sen to RM9.25, RHB Capital nine sen to RM&.81, Hong Leong Bank, Panasonic and Tenaga fell eight sen each to RM12.14, RM21.92 and RM6.34 respectively, SBC Corp seven sen to 91 sen, while Nestle, KrisAssets and HLFG fell six sen each to RM55.90, RM6.94 and RM12.22 respectively.

Naim Indah Corp was the most actively traded counter wit h 47.23 million shares done. The stock rose 1.5 sen to 49.5 sen.

Other actives included SuperComnet, Ariantec, metronic, Iris Corp, Key West, Hubline warrants and Bintai.

Gainers included Dutch Lady, BAT, Toyo Ink, shell, Crescendo, MUH, Southern acids, UAC and MISC.



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Limited gains for KLCI at mid-morning

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.



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KLCI rebounds at mid-morning

KUALA LUMPUR (March 27): The FBM KLCI rebounded at mid-morning on Tuesday, in line with the overnight gains at Wall Street and improved sentiment at the key regional markets.

At 10.05am, the FBM KLCI added 6.76 points to 1,589.74, lifted by gains at select blue chips including Petronas-linked stocks and index-linked PLANTATION [] counters.

Gainers led losers by 275 to 186, while 258 counters traded unchanged. Volume was 434.91 million shares valued at RM221.33 million.

Wall Street stock rose more than 1% on Monday, as Federal Reserve Chairman Ben Bernanke's comments supported views that easy monetary policy would remain in place for some time and fanned expectations for more asset purchases by the U.S. central bank, according to Reuters.

Asian stocks rebounded on Tuesday and the dollar eased after Federal Reserve Chairman Ben Bernanke said ultra-loose monetary policy was still needed to reduce unemployment even though the U.S. economy has shown signs of improvement, it said.

At the regional markets, Hong Kong’s Hang Seng Index rose 1.26% to 20,929.10, the Shanghai Composite Index added 0.42% to 2,360.44, Taiwan’s Taiex gained 0.30% to 7,991.17, South Korea’s Kospi rose 0.73% to 2,034.01 and Singapore’s Straits Times Index was up 0.67% to 2,994.38.

Meanwhile, Japan’s Nikkei 225 fell 1.69% to 10,187.40.

BIMB Securities Research in a note March 27 said Ben Bernanke’s encouraging statement on the US job market acted as a confidence booster that propped the Dow Jones Industrial Average 161 points higher to convincingly breach its resistances of 13,150 and 13,200.

Over in Europe, more commitment (if required) would be available by Eurozone policy makers enhanced equities participation with almost all closed on positive territory.

The research house said that regionally, most Asian bourses ended Monday’s session on a weaker note as the developments in the west were missed.

Domestically, the FBM KLCI finally corrected with a marginal 2.9 point dip to 1,583 after fighting really hard to stay above the 1,585 level, it said.

“Nonetheless, with the positives all round overnight, we would reckon this to sway trading on a more positive note and the index should trend between the 1,585/90 range.

“We noticed foreign buying was apparent again yesterday with a net participation of RM233 million pushing total inflow of foreign monies surpassing the RM4 billion mark year-to-date,” it said.

On Bursa Malaysia, Dutch lady was the top gainer and rose 46 sen to RM31.86, Petronas Dagangan was up 22 sen to RM18.70, Petronas Gas and F&N rose 14 sen each to RM16.88 and RM18.40, Ta Ann and MPI up 11 sen each to RM6.11 and RM3.24, while Hong Leong Industries, BAT, PPB and KLK gained 10 sen each to RM4.17, RM54.10, RM16.74 and RM23.96 respectively.

Oversea Enterprise was the most actively trade counter with 25.18 million shares done. The stock rose six sen to 20.5 sen.

Other actives included Supercomnet, TMS, Eduspec, Iris Corp, Carotech and Flonic.

Meanwhile, the decliners included Supercomnet, Hartalega, MSM, CHHB, AirAsia, SMPC, PUC, Favelle Favco and Chin Well.



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KLCI stays in the black at mid-morning, lifted by select blue chips

KUALA LUMPUR (March 23): The FBM KLCI stayed in positive territory at mid-morning on Friday, while most key regional markets were mired in the red following the weaker overnight close at European and US markets on worries of a slowdown in the world economy.

At 10am, the FBM KLCI rose 1.55 points to 1,584.79, lifted by gains at select blue chips including BAT, Genting, Hong Leong bank and KLK.

Gainers trailed losers by 171 to 198, while 259 counters traded unchanged. Volume was 704.78 million shares valued at RM225.39 million.

Meanwhile, most Asian shares fell on Friday and the safe-haven yen gained after data showing shrinking factory activity in China and the euro zone heightened concerns about a slowdown in the global economy, acco0rding to Reuters.

At the regional markets, jaoan;s Nikkei 225 fell 1.07% to 10,019.00, Hong Kong’s Hang Seng Index lost 1.08% to 20,675.00, the Shanghai Composite Index shed 0.66% to 2,360.08, Taiwan’s Taiex lost 0.26% to 8,039.14 and South Korea’s Kospi was down 0.25% to 2,020.98, while Singapore’s Straits Times Index rose 0.28% to 2,987.71.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients the KLCI closed 0.71 points higher on Thursday, at 1,583.24.

“Its resistance areas of 1,585 and 1,594 may cap market gains, whilst the firmer support areas are located at 1,567 and 1,583. Due to the US markets’ weaker tone last night, we could be in for a range-bound day,” he said.

BIMB Securities Research in a note Friday said traders are at it again and we believe any forthcoming negativity will be amplified exponentially. At present they are citing slower global growth as a major concern hence the prevailing selling on equities.

Despite a four-year low in unemployment claims, the Dow Jones Industrial Average declined 78.5 points to hang precariously just above the psychological 13,000 mark. For the same reason, European bourses also suffered similar fate from broad based selling as all ended up in the red, it said.

The research house said the sea of red spread to Asia as well with only a handful posted gains and one of them being the KLCI showed great resilience at 1,583 (+0.7).

“We were again astounded by the buying on the local bourse spearheaded by the foreign side as net foreign participation was a positive RM87 million. Maybe today would be the day that the index may retrace with the immediate support seen at 1,580,” it said.

On Bursa Malaysia, Jaya Tiasa was the top gainer and rose 52 sen to RM8.21, BAT up 50 sen to RM53.80, Genting up 16 sen to RM10.94, Lipo added 16 sen to RM1.20, UMW and Batu Kawan gained 12 sen to RM7.25 and RM18.7.

Kobay rose 10.5 sen to 89.5 sen, Hong leong Bank and Subur added 10 sen each to RM12.18 and RM2.59 while KLK gained eight sen to RM23.90.

SAAG was the most actively traded counter with 12.7 million shares done. The stock gained half a sen to eight sen.

Other actives included Trinity, Ingenuity Solutions, Ariantec, Metronic, Flonic, Astral Supreme and Iris Corp.

Meanwhile, the decliners at mid-morning included Ta Win Holdings, SMPC, Carlsberg, Deleum, AMMB, Kein Hin, Sarawak PLANTATION []s, Tenaga and KYM.



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KLCI up 0.6% at mid-morning

KUALA LUMPUR (March 14): The FBM KLCI rose at mid-morning on Wednesday, in line with the improved sentiment at key regional markets following the firmer overnight close at Wall Street.

At 10am, the 30-stock index was up 9.18 points to 1,573.20. Gainers led losers by 326 to 106, while 223 counters were traded unchanged. Volume was 246.15 million shares valued at RM221.51 million.

Asian shares rose on Wednesday as upbeat US economic data boosted investors' risk appetite, while reduced expectations for further monetary easing from the Federal Reserve underpinned the dollar, according to Reuters.

At the regional markets, Japan’s Nikkei 225 rose 1.92% to 10,089.60, Hong Kong's Hang Seng Index gained 0.96% to 21,544.50, the Shanghai Composite Index edged up 0.18% to 2,460.12, Taiwan’s Taiex rose 0.60% to 10,489.60, South Korea’s Kopsi rose 1.28% to 2,051.03 and Singapore’s Straits Times Index added 0.95% to 3,017.49.

BIMB Securities Research said US stocks climbed sharply overnight, pushing the major averages to multi-year highs since 2007 backed by stronger US economy; improved retail sales and recovering banking sector.

The S&P 500 rose 1.8 percent to 1,395.95 while the Dow added 217.97 points to 13,177.68. The rally picked up speed in the final hour after JPMorgan Chase boosted its dividend and announced a US$15 billion buyback, said the research house.

Over in Europe, shares climbed to their highest in more than seven months boosted by encouraging economic data from Germany and the US.

“Domestically, the FBM KLCI closed flat (on Tuesday) just below the 1,565 support level; nonetheless net foreign trading participation remains positive at RM77.7 billion," it said.

BIMB Research said the strong rally over in US and Europe might boost sentiment on the local market and it expected the KLCI might test the immediate 1,570.

On Bursa Malaysia, BAT was the top gainer, up RM1.48 to 54.28, Hwatai 19.5 sen to 74 sen, Toyo Ink 19 sen to RM1.63, Genting PLANTATION []s 17 sen to RM9.40, UMW 16 sen to RM7.27.

Shell and Tasek gained 10 sen each to RM10.10 and RM8.70, while Ta Ann and AirAsia added nine sen each to RM5.69 and RM3.63.

Sin Heng Chan, which fell earlier following a query by Bursa Malaysia Securities over its unusual market activity on Tuesday, rose 16 sen to RM1.25,

Naim Indah Corp was the most active counter with 43.99 million shares done. The stock fell three sen to 65.5 sen.

Other actives included Euro Holdings, FFHB, Sinh Heng Chan, Winsun, Silver Bird, Hwatai, YTL and CAM Resources.

Decliners included Quality Concrete, Sunchirin, MISC, LTKM, Gadang, PFCE, UPA Corp and Selangor Dredging.



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