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Mid-morning Market KLCI extends gains, blue chips lift
by Cals Wed 17 Apr 2013, 11:36
Mid-morning Market KLCI extends gains, blue chips lift
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Wednesday, 17 April 2013 10:08
A + / A - / Reset
KUALA LUMPUR (April 17): The FBM KLCI extended its gains and remained firmly above the 1,700-point level at mid-morning on Wednesday, lifted by key blue chips including Tenaga and Petronas Gas.
At 10am, the FBM KLCI rose 5.28 points to 1,705.81.
Gainers led losers by 244 to 106, while 197 counters traded unchanged. Volume was 165.82 million shares valued at RM219.97 million.
The top gainers at mid-morning included Aeon Credit, BAT, Tenaga, United PLANTATION []s, Petronas Gas, Ingress, Genting Plantations, HDBS and Guocoland.
Tanco was the most actively traded counter with 13.23 million shares done. The stock gained one sen to 18.5 sen.
The other actives included CLIQ, TMS, Century Software, Tiger Synergy, Astral Supreme, Naim Indah Corp and Tenaga.
The decliners included Sarawak Cable, MISC, Petronas Dagangan, Golsta, Uzma, Shangri-La, Batu Kawan, Fututec and Cocoaland.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients Wednesday said the FBM KLCI rose by 2.76 points to close at 1,700.53 yesterday.
Lee said the FBM KLCI’s resistance level of 1,702 & 1,716 will cap market gains, whilst obvious support areas are located at 1,683 and 1,700.
“The FBM KLCI made a previous all-time high of 1,699.68 on 4 Jan 2013 followed by a swing low of 1,597.00
“The next key swings were 1,664.39 (high), 1,613.94 (low) and 1,716.47 (high). We prefer a trading stance as a key Bearish Engulfing all-time high was seen at 1,716.47 (on 12 April),” he said.
Asian shares and commodities recovered on Wednesday as a sharp sell-off over the past two sessions lured bargain hunters, with sentiment bolstered by positive American corporate earnings and data supporting the case for ongoing U.S. monetary stimulus, according to Reuters.
The MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent after shedding as much as 1 percent to come close its 2013 low, it said.
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Wednesday, 17 April 2013 10:08
A + / A - / Reset
KUALA LUMPUR (April 17): The FBM KLCI extended its gains and remained firmly above the 1,700-point level at mid-morning on Wednesday, lifted by key blue chips including Tenaga and Petronas Gas.
At 10am, the FBM KLCI rose 5.28 points to 1,705.81.
Gainers led losers by 244 to 106, while 197 counters traded unchanged. Volume was 165.82 million shares valued at RM219.97 million.
The top gainers at mid-morning included Aeon Credit, BAT, Tenaga, United PLANTATION []s, Petronas Gas, Ingress, Genting Plantations, HDBS and Guocoland.
Tanco was the most actively traded counter with 13.23 million shares done. The stock gained one sen to 18.5 sen.
The other actives included CLIQ, TMS, Century Software, Tiger Synergy, Astral Supreme, Naim Indah Corp and Tenaga.
The decliners included Sarawak Cable, MISC, Petronas Dagangan, Golsta, Uzma, Shangri-La, Batu Kawan, Fututec and Cocoaland.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients Wednesday said the FBM KLCI rose by 2.76 points to close at 1,700.53 yesterday.
Lee said the FBM KLCI’s resistance level of 1,702 & 1,716 will cap market gains, whilst obvious support areas are located at 1,683 and 1,700.
“The FBM KLCI made a previous all-time high of 1,699.68 on 4 Jan 2013 followed by a swing low of 1,597.00
“The next key swings were 1,664.39 (high), 1,613.94 (low) and 1,716.47 (high). We prefer a trading stance as a key Bearish Engulfing all-time high was seen at 1,716.47 (on 12 April),” he said.
Asian shares and commodities recovered on Wednesday as a sharp sell-off over the past two sessions lured bargain hunters, with sentiment bolstered by positive American corporate earnings and data supporting the case for ongoing U.S. monetary stimulus, according to Reuters.
The MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent after shedding as much as 1 percent to come close its 2013 low, it said.
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