Midday Market Limited gains for KLCI

Midday Market Limited gains for KLCI
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Friday, 05 July 2013 12:40

KUALA LUMPUR (July 5): The FBM KLCI notched limited gains at the midday break on Friday, despite more encouraging signs that lifted key regional markets.

At 12.30pm, the FBM KLCI added 5.10 points to 1,776.44.

Gainers led losers by 445 to 183, while 269 counters traded unchanged. Volume was 851.06 million shares valued at RM834.57 million.

The top gainers in the morning session included Kossan, Puncak Niaga, Eastland Equity, Panasonic, Petronas Gas, Favelle Favco, Hong Leong Capital, I-BHD [], Petronas Dagangan and AFG.

Luster was the most actively traded counter with 38.82 million shares done. The stock was unchanged at 10.5 sen.

The other actives included JAKS Resources, TA, Flonic, Puncak Niaga, Salcon, KPS and Karambunai.

The decliners included Tasek, Metal Reclamation, Tahps, Rapid, Carlsberg, Shell, Uzma and Ibraco.

Alliance Research in a technical analysis July 4 said the market may continue to fluctuate around the area of 1,770.

“But, if the market could not break the 1,777 level to the upside in coming days, we could probably see the emergence of renewed selling interest as investors may be reducing their equity exposure for fear of sudden market reversal to the downside.

“The support level is at 1,755,” it said.

Meanwhile, Asian stocks rose on Friday, while sterling hit a five-week low, after two of Europe's most important central banks surprised by assuring investors they were in no hurry to wind down stimulus, according to Reuters.

But markets were cautious as they waited for the U.S. jobs report as it could bolster, or derail, the case for the Federal Reserve to start dialling down its asset-buying programme this year. The report is due at 1230 GMT, it said.