Market Close KLCI flat on first day of 3rd quarter
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Market Close KLCI flat on first day of 3rd quarter
Market Close KLCI flat on first day of 3rd quarter
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Monday, 01 July 2013 17:27
KUALA LUMPUR (July 1): The FBM KLCI eked out gains today on the first trading day in the third quarter of the year to extend the streak of higher close since last Wednesday (June 26).
At 5:00 pm, the local composite finished 1.6 points or 0.09% higher at 1,775.14 points. Gains in BRITISH AMERICAN TOBACCO (M) [] Bhd (BAT), HONG LEONG BANK BHD [], HONG LEONG FINANCIAL GROUP BHD [], PPB GROUP BHD [] and Genting Malaysia Bhd caused the KLCI to nudge up today.
However, the KLCI started today’s trade on the red territory, with a low of 1,767.5 points.
Interpacific Securities head of research Pong Teng Siew told theedgemalaysia.com that the depressing performance in the KLCI during the first half of the day was due to the market being cautious after the big push last Friday, where fund managers did last-minute window-dressing activities.
Last Friday, the KLCI closed 21.97 points or 1.25% higher to settle at 1,773.54 points.
Pong also said he expects the local market to do well for the rest of the week, as historical pattern suggests the market will remain buoyant for two weeks after window-dressing activities, in which fund managers will attempt to improve the appearance of its portfolio by selling underperforming stocks and buying the performing ones at the end of a quarter.
“The positive performance will continue after the window-dressing because these fund managers don’t want to be accused of manipulating the index and the market,” he explained.
RHB Research analyst Mohammad Ashraf Abu Bakar also said the rebound from last week is still not over.
“There was no clear selling pressure today. As long as the KLCI can stay above 1,768 points, it can definitely go upward,” he told theedgemalaysia.com.
However, Mohammad Ashraf said it remains to be seen how the benchmark will perform once it reaches 1,780 points.
Across Bursa Malaysia, a total of 1.1 billion shares collectively valued at RM1.57 billion changed hands. Decliners thumped gainers at 386 and 352 respectively.
Today’s most active entity was LUSTER INDUSTRIES BHD []. It was followed by Ingenuity Consolidated Bhd and ETI Tech Corp Bhd.
Top gainers were BAT, NESTLE (M) BHD [] and PETRONAS DAGANGAN BHD [].
Today’s biggest decliners included United PLANTATION []s Bhd, TIME DOTCOM BHD [] and KPJ HEALTHCARE BHD [].
A few regional indices also closed higher today. Japan’s Nikkei gained 175.18 points or 1.28% and China’s Shanghai Composite inched up by 16.04 points or 0.81%.
Australia’s ASX 200 lost 92.3 points or 1.92%, Korea’s Kospi shed 7.59 points or 0.41% and neighbouring Singapore’s Straits Times dipped by 5.42 points or 0.17%.
Hong Kong celebrated its Special Administrative Region Establishment Day today, which caused Hang Seng to close.
Reuters reported world stocks and oil rose on Monday, led by a sharp jump in Tokyo shares as brighter Japanese data helped offset concerns about a slowdown in China and worries that US monetary stimulus will soon be withdrawn.
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Monday, 01 July 2013 17:27
KUALA LUMPUR (July 1): The FBM KLCI eked out gains today on the first trading day in the third quarter of the year to extend the streak of higher close since last Wednesday (June 26).
At 5:00 pm, the local composite finished 1.6 points or 0.09% higher at 1,775.14 points. Gains in BRITISH AMERICAN TOBACCO (M) [] Bhd (BAT), HONG LEONG BANK BHD [], HONG LEONG FINANCIAL GROUP BHD [], PPB GROUP BHD [] and Genting Malaysia Bhd caused the KLCI to nudge up today.
However, the KLCI started today’s trade on the red territory, with a low of 1,767.5 points.
Interpacific Securities head of research Pong Teng Siew told theedgemalaysia.com that the depressing performance in the KLCI during the first half of the day was due to the market being cautious after the big push last Friday, where fund managers did last-minute window-dressing activities.
Last Friday, the KLCI closed 21.97 points or 1.25% higher to settle at 1,773.54 points.
Pong also said he expects the local market to do well for the rest of the week, as historical pattern suggests the market will remain buoyant for two weeks after window-dressing activities, in which fund managers will attempt to improve the appearance of its portfolio by selling underperforming stocks and buying the performing ones at the end of a quarter.
“The positive performance will continue after the window-dressing because these fund managers don’t want to be accused of manipulating the index and the market,” he explained.
RHB Research analyst Mohammad Ashraf Abu Bakar also said the rebound from last week is still not over.
“There was no clear selling pressure today. As long as the KLCI can stay above 1,768 points, it can definitely go upward,” he told theedgemalaysia.com.
However, Mohammad Ashraf said it remains to be seen how the benchmark will perform once it reaches 1,780 points.
Across Bursa Malaysia, a total of 1.1 billion shares collectively valued at RM1.57 billion changed hands. Decliners thumped gainers at 386 and 352 respectively.
Today’s most active entity was LUSTER INDUSTRIES BHD []. It was followed by Ingenuity Consolidated Bhd and ETI Tech Corp Bhd.
Top gainers were BAT, NESTLE (M) BHD [] and PETRONAS DAGANGAN BHD [].
Today’s biggest decliners included United PLANTATION []s Bhd, TIME DOTCOM BHD [] and KPJ HEALTHCARE BHD [].
A few regional indices also closed higher today. Japan’s Nikkei gained 175.18 points or 1.28% and China’s Shanghai Composite inched up by 16.04 points or 0.81%.
Australia’s ASX 200 lost 92.3 points or 1.92%, Korea’s Kospi shed 7.59 points or 0.41% and neighbouring Singapore’s Straits Times dipped by 5.42 points or 0.17%.
Hong Kong celebrated its Special Administrative Region Establishment Day today, which caused Hang Seng to close.
Reuters reported world stocks and oil rose on Monday, led by a sharp jump in Tokyo shares as brighter Japanese data helped offset concerns about a slowdown in China and worries that US monetary stimulus will soon be withdrawn.
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