Mid-morning Market KLCI pares loss, edges closer to 1,780-level

Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Thursday, 16 May 2013 10:35
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KUALA LUMPUR (May 16): The FBM KLCI pared some of its losses at
mid-morning on Thursday, edging toward breaching the 1,780-point
level.
At 10.10am, the FBM KLCI was down 3.50 points to 1,779.53. The
index had earlier dipped to 1,775.97.
Losers overtook gainers by 289 to 235, while 270 counters traded
unchanged. Volume was 609.57 million shares valued at RM366.14
million.
The top losers at mid-morning included Oriental, Nestle, KLK, Hong
Leong Bank, Genting PLANTATION []s, Sunway, Takaful, Delloyd and
Genting.
Iris Corp was the most actively traded counter with 62.3 million shares
done. The stock fell two sen to 20 sen.
The other actives include Luster, Time, Naim Indah Corp, Globaltec,
Premier, Century Software and Hubline.
The gainers included BAT, United Plantations, Petronas Gas, Uzma, Tan
Chong, Hunza Property, Cahya Mata Sarawak, Carlsberg and Pintaras.
BIMB Securities Research in a note Thursday said the FBM KLCI ended
softer yesterday as it closed at 1,783.03 (-5.40 pts) on active profit
taking activities in blue chips after recent gains.
“For today, we expect the positive sentiment in the global markets to
continue to fuel the market’s momentum, with 1,790 as the immediate resistance and support at 1,780 level,” it said.
Meanwhile, Asian shares got off to a positive start on Thursday after data showed Japan's economy accelerated in the first
three months of the year, in contrast to an enduring recession in the euro zone which was keeping the euro in the
doldrums, according to Reuters.
Tokyo's Nikkei touched a fresh 5-1/2 year high, before reversing direction to be down slightly on the day, while MSCI's
broadest index of Asia-Pacific shares outside Japan advanced 0.2 percent, it said.