Midday market KLCI rises but stays shy of 1,700-level

Midday market KLCI rises but stays shy of 1,700-level
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Wednesday, 10 April 2013 12:54


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KUALA LUMPUR (April 9): The FBM KLCI rose at the midday break on Wednesday, reversing its earlier loss, lifted by select blue chips.

At 12.30pm, the FBM KLCI rose 4.35 points to 1,694.62.

Volume was 625.61 million shares valued at RM673.76 million. Gainers trailed losers by 244 to 325, while 277 counters traded unchanged.

Among the top gainers in the morning session were Aeon Credit, LPI Capital, KLK, BAT, TDM, Far East, HDBS, HLFG and NSOP.

The decliners included Dutch Lady, UMW, Y&G, Tahps, Amway, MAHB, Manulife and Sunway.

The actives included CLIQ, MAS, Ingenco, L&G, Luster, Nextnation and Tiger Synergy.

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.