Mid-morning Market KLCI edges up marginally, gains seen limited

by **Cals** Wed 10 Apr 2013, 10:50

Mid-morning Market KLCI edges up marginally, gains seen limited
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Wednesday, 10 April 2013 10:11

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KUALA LUMPUR (April 10): The FBM KLCI edged up marginally at mid-morning on Wednesday, lifted by gains at select blue chips including BAT, Petronas Gas and Tenaga.

At 10am, the FBM KLCI added 1.24 points to 1,691.51.

Losers edged gainers by 187 to 184, while 227 counters traded unchanged. Volume was 311.89 million shares valued at RM213.45 million.

The top gainers included Nestle, BAT, TDM, Aeon Credit, Petronas Gas, GAB, Dutch Lady, United Malacca, Advanced Packaging and Tenaga.

The decliners included Tahps, Amway, Shangri-La, Aeon, Sunway, Sarawak Oil Palms, Petronas Chemicals, ELK Desa and Favelle Favco.

The actives included MAS, CLIQ shares and warrants, L&G, Luster, Nextnation, Ingenco, IRM Group and CSL.

SJ Securities Sdn Bhd in a daily technical note Wednesday said the overall trend of the FBM KLCI remained up as the key index is closing above all the moving averages.

"However, for the immediate short term, the FBM KLCI has turned sideways range-bound as the index continued to trade within a range of 1,680 to 1,700. Sideways range-bound or congestion at high level can also be read as possible top distribution.

"An upside breakout of the range will likely see the FBM KLCI running higher with an immediate upside target of 1,715, while a downside break of the 1,680 support will see the index slipping lower to 1,659," it said.

Meanwhile, Asian shares edged higher on Wednesday after a strong session on Wall Street overnight while the yen remained under pressure, with tensions on the Korean peninsula seen capping gains for riskier assets, according to Reuters.

The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent after rising 1 percent the day before. The Dow Jones industrial average closed at a record high on Tuesday on hopes for better corporate earnings, it said.