Market Open A subdued KLCI ahead of planned Opposition rally

Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Wednesday, 08 May 2013 09:14
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KUALA LUMPUR (May 8): The FBM KLCI rose slightly in early trade on
Wednesday, compared to its ascend two days earlier, ahead of a
planned rally by the Opposition coalition later in the evening to denounce
the outcome of the recent general election results.
At 9.10am, the FBM KLCI added 4.86 points to 1,781.59.
Gainers led losers by 194 to 68, while 137 counters traded unchanged.
Volume was 106.43 million shares valued at RM116.51 million.
The top gainers included Petronas Dagangan, Petronas Gas, Nestle,
Aeon, KLK, Lafarge Malayan Cement, Public Bank, Hartalega and PPB.
M & A Securities in a note Wednesday said its fair value for the FBM
KLCI in 2013 was 1,838 points and the current index still had some way
to go to reach its recommended level.
“Therefore, we advise investors to ride the rally.
“We have also removed all discounts to the high Beta sectors – finance, CONSTRUCTION [] and property and upgrade to
Overweight on the Finance and Construction sectors while we are upgrading to Neutral for the Property sector,” it said.
Asian shares rose on Wednesday on another record high for U.S. stocks and unexpectedly strong German industrial orders,
as investors await the first batch of April data from China for the latest take on the region's powerhouse economy, according
to Reuters.
Japanese stocks were likely to be the region's outperformer, eyeing to test a fresh five-year high. The Nikkei stock average
opened up 0.1 percent after soaring 3.6 percent to rise above 14,000 for the first time since June 2008 on Tuesday, it said.