Midday Market KLCI up slightly after volatile trade

Midday Market KLCI up slightly after volatile trade
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com  
Wednesday, 19 June 2013 12:59


KUALA LUMPUR (June 19): The FBM KLCI rose marginally at noon break after experiencing a positive-bias volatile morning session.

The market opened higher today due mainly to higher Wall Street close overnight, but gains were later reduced in line with subdued regional markets ahead of the US Federal Reserve meeting.

At 12:30 pm, the local benchmark settled at 1,775.24 points, up 1.19 points or 0.07%. The index was propped up by KUALA LUMPUR KEPONG BHD [], PPB GROUP BHD [] and CIMB Group Holdings Bhd.

Decliners overtook rises by 363 to 290. There were 790.28 million shares valued at RM837.49 million traded.

WINSUN TECHNOLOGIES BHD [] was the most active counter. It was followed by LUSTER INDUSTRIES BHD []’s free detachable warrants and ETI TECH CORPORATION BHD [].

Top gainers included AEON CREDIT SERVICE (M) BHD [], BATU KAWAN BHD [] and KLK. Biggest decliners were MEDIA PRIMA BHD [] warrants, IBRACO BHD [] and WARISAN TC HOLDINGS BHD [].

Reuters reported earlier that Japanese stocks started trade on Wednesday with a spring in their step -- thanks to a positive lead from Wall Street and a softer yen, but the rest of Asia was restrained as investors waited for clarity on the Federal Reserve's next policy step.

Major currencies were subdued as well ahead of the outcome of the Fed's policy meeting due at 2:00 pm ET (2:00 am tomorrow local time) and chairman Ben Bernanke's media briefing half an hour later.