Market Open KLCI starts final trading day of 1H2013 on firmer note

by **Cals** Fri 28 Jun 2013, 09:22

Market Open KLCI starts final trading day of 1H2013 on firmer note
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Friday, 28 June 2013 09:09

KUALA LUMPUR (June 28): The FBM KLCI started off the final trading day of the first half of 2013 on a positive tone, in line with the uptrend at key regional markets and the higher overnight close at Wall Street.
At 9.05am on Friday, the FBM KLCI rose 0.53% or 9.39 points to 1,760.96.

Gainers led losers by 151 to 29, while 93 counters traded unchanged. Volume was 44.54 million shares valued at RM46.27 million.
The top gainers in early trade included MPHB Capital, SapuraKencana, Dayang, Kossan, MNRN< Genting Malaysia, Muhibbah, Kimlun, Bursa and CIMB.
BIMB Securities Research in a market preview Friday said herd mentality best described the developments on Wall Street as the DJIA rose another 114 points to breach the 15,000 mark.
“What we are witnessing now are traders taking the opportunity to create the desired volatility pending more economic data and statements from the Feds,” it said.
The research house said that meanwhile, latest unemployment claims in the US were lower pointing to improvements in the job market.
It said European markets were all higher following reports that US consumer spending improved.
In line with the positive European markets, Asian equities also improved after recent thrashings but investors remained weary on China’s banking sector that is still rather fluid, it said.
“Locally, the FBM KLCI was up 10.81 points to 1,751.57 as foreign based funds flocked back into the market again with a net participation of RM113 million yesterday.
“We expect follow through buying today with the immediate resistance seen at 1,755,” it said.
Meanwhile, Asian shares edged higher to extend gains for a third day on Friday, tracking an overnight rise in global equities on easing fears of an early end to U.S. monetary stimulus, but caution remained about the recently volatile Chinese markets, according to Reuters.
Global equity markets and bonds extended gains on Thursday, recovering further from the recent acute selloff, after three U.S. Federal Reserve officials sought to downplay market fears that the central bank would soon ease its unprecedented bond-buying stimulus programme known as quantitative easing or QE, it said.